TPSF backs $330m to real estate

The US pension fund has committed across five real estate funds.

  • Name: Texas Permanent School Fund
  • HQ: Austin, US
  • AUM: $42.57 billion
  • Allocations to real estate: 11.0%

Texas Permanent School Fund (TPSF) has committed $330 million to real estate across five funds, which includes $80 million to NW1 Strategic Investment Partnership II, $75 million to Longpoint Realty Fund III and Rockpoint Real Estate Fund VII and $50 million to Pennybacker VI and Berkshire Bridge Loan Investors-MF1 III.

Founded in 1854, the Texas Permanent School Fund (PSF) provides benefits and services to Texas’ public schools. The PSF is administered by two state agencies: the General Land Office (GLO) and the Texas Education Agency (TEA).

TPSF has an 11 percent allocation to real estate, which comprises $4.68 billion in capital.

NW1 Strategic Investment Partnership II is a fund investing in value-add, industrial assets across Europe and US. The Longpoint Realty Fund III invests in infill industrial and neighbourhood shopping centres and the Rockpoint Real Estate Fund VII targets value-add assets like offices, hotels and residential. The Pennybacker VI will invest in value-add properties that can produce a 13-16 percent net internal rate of returns. The Berkshire Bridge Loan Investors-MF1 III provides debt on US multi-family residential.

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