TMRS approves $625m in commitments

The US public pension has backed four North America-focused real estate vehicles.

Institution: Texas Municipal Retirement System
Headquarters: Austin, United States
AUM: $29.98bn
Allocation to alternatives: 18.30%
Bitesize: $50-100m

Texas Municipal Retirement System has confirmed $625 million-worth of real estate commitments to four vehicles, a contact at the pension informed PERE.

The commitments comprise of $300 million to PIMCO Corporate Opportunities Fund III, $200 million to Virtus Real Estate Enhanced Core, $75 million to Berkeley Partners Value Industrial Fund V and a $50 million top-up commitment to Abacus Core Income Fund I.

The $29.98 billion US public pension has a 10.0 percent target allocation to real estate that currently stands at 9.0 percent.

As illustrated below, TMRS has made eight commitments to real estate funds with a 2019 or 2020 vintage, which combined constitute $887.5 million.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.