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TRS approves $365m in commitments

The US public pension has backed five North American real estate funds.

Institution: Teacher Retirement System of Texas
Headquarters: Austin, United States
AUM: $152.20bn
Allocation to alternatives: 31.10%
Bitesize: $200-500m

Teacher Retirement System of Texas has agreed to commit $100 million to DivcoWest Fund VI, $75 million to Wheelock Street Real Estate Fund VI, $100 million to Square Mile Partners VI, $65 million to MREF TT Co-Invest and $25 million to Pennybacker Extended Investment Vehicle (Co-Investment Fund V), a contact at the pension informed PERE.

These funds focus on North America but invest through various strategies and into different sectors. DivcoWest and Pennybacker are both value-add funds, whilst Wheelock and Square Mile invest opportunistically. MREF TT Co-Invest is a real estate mezzanine / debt fund.

As illustrated below, the $152.2 billion US public pension has a 15.0 percent target allocation to real estate that currently stands at 12.0 percent.

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