TRS approves $800m in commitments

The US public pension has backed two real estate vehicles.

Institution: Teacher Retirement System of Texas
Headquarters: Austin, United States
AUM: $153.13bn
Allocation to alternatives: 31.10%
Bitesize: $200-500m

Teacher Retirement System of Texas (TRS) has agreed to commit $500 million to AEW Global Investment Fund T and $300 million to Blackstone Real Estate Partners Europe VI, a contact at the pension informed PERE. AEW’s fund will be pursuing value-add investments, whereas Blackstone’s will be following an opportunistic approach.

The $153.13 billion US public pension has a 14.0 percent target allocation to real estate that currently stands at 12.0 percent.

As illustrated in the charts below, TRS has made eight commitments to real estate funds with a 2019 vintage, which combined constitute $1.50 billion.

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