Teacher Retirement System of Texas is investing $600 million in real estate investment vehicles managed by Brookfield Asset Management Inc. and Almanac Realty Investors LLC, IPE Real Assets reported.
The pension fund approved a $300 million pledge to Brookfield Strategic Real Estate Partners III, Brookfield's latest global opportunity fund, and will invest $150 million in Almanac Realty Securities VIII, with an equal amount for a co-investment in the fund.
Almanac is eyeing a capital raise of $1.2 billion for Realty Securities VIII, which is aiming for a net internal rate of return of 12% to 14%.
