TMRS outlines 2023 real estate pacing plan

The US pension fund announced its 2023 appetite for real estate.

Institution: Texas Municipal Retirement System
Headquarters: Austin, US
AUM: $35.2 billion

Texas Municipal Retirement System has confirmed its pacing plan for 2023 as well as a $100 million commitment, according to its latest board meeting materials.

The US pension fund plans to invest $500 million in the real estate market in 2023. The firm’s current allocation to RE stands at 13.5 percent, which is above its target of 12 percent.

TMRS also confirmed a commitment of $100 million to Stonepeak Real Estate Partners – Master Co-Investment Partners. The pension has an existing relationship with the GP. Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $51.7 billion of assets under management.

As shown below, TMRS’s projected private market exposure sits at 39 percent currently, but is in line to meet its target of 44 percent.

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