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Texas pension fund invests $150M in European real estate

The Texas Permanent School Fund is looking to invest $150 million into European real estate through two separate investments, IPE Real Assets reported.

The Texas pension fund is pledging $75 million each to Invesco's newest structured investments fund and Angelo Gordon & Co.'s latest European real estate fund, the publication reported, citing a board meeting document.

Invesco is eyeing a capital raise of $500 million for Invesco Strategic Opportunities III, which will divide its capital evenly between the U.S. and Europe. The fund will focus on equity, debt and hybrid value-add deals and will look to produce net returns of between 13% and 15% and gross returns of 16% to 18%.

Meanwhile, Angelo Gordon is looking to attract $750 million for AG European Realty Fund II, which is aiming for net returns of 14% to 15% and gross returns of 18% to 20%.

The pension fund is also hoping to see a 15% net return on a just-completed co-investment in a student housing portfolio in the U.K., the publication noted.