Institution: Texas County and District Retirement System
Headquarters: Austin, United States
Allocation to alternatives: 30.12%
Texas County and District Retirement System (TCDRS) has agreed to commit $93.75 million to Pennybacker V, according to a recent report on the pension’s website. The value-add fund is investing in retail, industrial, multi family / residential and office property in the United States.
The $29.16 billion US public pension has a 6.0 percent target allocation to real estate that currently stands at 2.52 percent.
As illustrated in the charts below, TCDRS’ commitment to Pennybacker V is its second commitment to a real estate fund with a 2019 vintage. The other was €90 million to Blackstone Real Estate Partners Europe VI.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.