Texas Municipal Retirement System (TMRS) has authorised $350m (€330.6m) price of latest US actual property commitments.
The pension fund disclosed in a gathering doc that it has authorised $200m into the Abacus Core Earnings Fund I fund and $150m into the Pennybacker VI fund.
TMRS stated the allocation to Core Earnings Fund I will probably be made by making a $100m dedication to the fund this yr and one other $100m dedication subsequent yr. TMRS is the only investor within the core-plus multifamily actual property fund. The pension fund issued a $50m commitment to fund in 2020.
The Pennybacker Capital fund invests in a wide range of value-added property that may produce a internet inner charge of return of 13% to 16%.
As beforehand reported, TMRS intends to invest up to $750m in actual property this yr.
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