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Texas pension fund forms $400M co-investment vehicle with Blackstone

Teacher Retirement System of Texas and Blackstone Group LP's Blackstone Real Estate Partners have formed a $400 million co-investment vehicle focusing on opportunistic U.S. property deals, IPE Real Assets reported.

The pension fund will fully finance the new limited partnership, BREP Texas Trinity Fund, according to the report.

The pension fund also made a fresh $150 million commitment with AEW Capital Management LP, with $100 million going to the AEW Value Investors Asia III co-mingled fund, and $50 million acting as a co-investment alongside it.

The commitment forms part of a $750 million capital raise AEW is planning for the fund, the publication added, citing sources tracking capital raised by major property managers.

The AEW fund is eyeing net internal returns of between 13% and 15%, and will invest in office and retail properties in developed Asian markets, focusing on Hong Kong, Singapore, Seoul, Shanghai and Taipei.