- Name: Teacher Retirement System of Texas
- HQ: Austin, US
- AUM: $201 billion
- Allocations to alternatives: 34.6%
Teacher Retirement System of Texas made $320 million in commitments across three real estate funds in June 2022, a source from the pension confirmed in an email to PERE.
Blackstone Real Estate Partners X is the newest iteration of the fund management giant’s flagship global opportunistic strategy. Launched in March 2022, the fund has a target size of $25 billion, which would make it the largest private real estate vehicle on record with a successful final close.
Mirai and Kona are the Hong Kong private equity firm’s two newly created opportunistic real estate co-investment vehicles. The two Cayman Islands-incorporated funds were launched only last month, as PAG continues to engage TRS and other Texas state institutions as limited partners in the Asian real estate market.
TRS Texas has a 12.4 percent allocation to private real estate, which comprises $24.9 billion in capital. The US pension currently has a target allocation of 13.1 percent to the asset class.
As illustrated below, TRS Texas’ recent real estate commitments are focused on North American and Asia-Pacific vehicles that aim for opportunistic returns.
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