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Texas pension fund plans up to $400M in real estate investments in 2018

The Texas Municipal Retirement System approved a $75 million pledge to Abacus Capital Group's Multi-Family Partners IV fund, as it targets between $200 million and $400 million worth of real estate investments in 2018, IPE Real Assets reported, citing a board meeting report.

According to the report, the fund is targeting an internal rate of return of at least 11% and is reportedly looking to raise $500 million for the fund.

The investment platform focuses on converting value-add apartments into grade A residential properties outside major markets.