Institution: Texas Municipal Retirement System
Headquarters: Austin, United States
Allocation to alternatives: 14.42%
Texas Municipal Retirement System (TMRS) has agreed to commit $75 million to Pennybacker V and $37.50 million to Pennybacker Extended Investment Vehicle, according to a recent report on the pension’s website. The latter is a co-investment vehicle investing alongside Pennybacker V.
The $27.59 billion US public pension has a 10.0 percent target allocation to real estate that currently stands at 9.61 percent.
As illustrated in the charts below, TMRS has made three commitments to real estate funds with a 2019 vintage, which combined constitute $312.50 million.
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