LaSalle Investment Management and the Teacher Retirement System of Texas (TRS) have built on a discretionary co-investment fund formed in 2009, with another $200 million being ploughed into the venture by the pension fund.
LaSalle said the new equity injection would allow it to continue to scout real estate opportunities around the world “across all property types, risk profiles, capital structures and geographies” on behalf of TRS. Specifically, the fund will invest in real estate co-investment opportunities presented to LaSalle by TRS’ real estate GPs who specialize in such investments. The fund will focus on existing relationships within TRS’ stable of GP fund managers, although LaSalle also will consider investing a portion of the capital into co-investment opportunities with GPs in which TRS does not yet have an existing relationship.
The extra equity injection into the co-investment fund, which is managed by LaSalle, comes two years after the pair first set up the programme, which is aimed at co-investing in real estate alongside other general partners. LaSalle said it had now invested the first $200 million pledged in 2009 alongside five different general partners, hence the decision to add another $200 million.
In an upcoming interview with PERE, TRS’ head of private markets, Steve LeBlanc, said the $110 billion pension plan has a style of investing called “The Texas Way”. Central to that is a “premier list” of private equity, real estate and real asset fund managers that TRS has pre-screened and pre-certified as being “top quartile” managers. For the full interview, see the June issue of PERE magazine.
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