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TRS approves $232m in commitments

The US public pension has backed three real estate vehicles.

Institution: Teacher Retirement System of Texas
Headquarters: Austin, Texas
AUM: $145.89bn
Allocation to alternatives: 31.10%
Bitesize: $200-500m

Teacher Retirement System of Texas (TRS) has agreed to commit $50 million to Pennybacker V, $160 million to Square Mile Media Co-Investment and $22.13 million to Greystar TT Barton Springs, a contact at the pension informed PERE. Pennybacker V is a North American value-add fund, whereas the the latter two vehicles prioritise co-investments.

The $145.89 billion US public pension has a 15.0 percent target allocation to real estate that currently stands at 12.0 percent.

As illustrated below, TRS has made 12 commitments to real estate funds with a 2019 vintage, which combined constitute $2.16 billion.

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