Teacher Retirement System of Texas has reportedly approved more than $1bn of new commitments to commercial real estate vehicles investing in value-add and other opportunistic strategies, including distressed loans.
The pension is investing $300m each into Blackstone Real Estate Partners VIII and a fund managed by Lone Star Funds; $270m to Akard Street Industrial; and $200m to Brookfield Strategic Real Estate Partners II.
The Lone Star fund, which has raised approximately $5.8bn, typically makes investments, directly or through joint ventures, in portfolios of secured and unsecured non-performing loans, property and operating companies.
The Brookfield fund, which seeks $7bn in capital while co-investing $2bn, makes opportunistic investments in distressed loans, commercial property, companies and real estate securities.
The Blackstone fund, focused on property acquisitions, closed the institutional portion of the fund with $14.5bn in commitments earlier this year. Akard Street Industrial is a separate account targeting US industrial properties and managed by Hunt Realty Investments.