The $28.5 billion Employees Retirement System of Texas has committed $25 million to a multifamily-focused real estate fund, according to Aris Oglesby, operational due diligence analyst for the pension fund.
The value-added real estate fund, Abacus Multi-Family Partners IV, is managed by Abacus Capital Group, an investment firm focused on institutional investors seeking exposure to the multifamily real estate sector. The firm acquires, redevelops, develops, manages and sells multifamily properties throughout the United States.
The fund also received a $50 million commitment from the Indiana Public Retirement System in 2017. The fund is seeking to raise $500 million.
Texas ERS committed to previous funds in the multifamily series, including $50 million to the fund’s predecessor, Abacus Multi-Family Partners III, which held a $247.5 million final close in 2015, and $5 million to Abacus Multi-Family Partners II.
Texas ERS has a target allocation to real estate of 12 percent and an actual allocation of 9.65 percent.