The $33 billion Texas Permanent School Fund has committed equity to two real estate funds, according to Debbie Ratcliffe, executive director for the State Board of Education Support Division.
The pension fund committed up to $75 million to an investment in AG Realty Value Fund X, and a commitment of up to €51 million ($59 million) in Harrison Street European Property Partners II.
AG Realty Value Fund X is a real estate fund managed by Angelo, Gordon & Co. The firm’s real estate strategy pursues a value-added investment approach across the globe, with a significant presence in the United States and Asia. The firm employs opportunistic and core-plus real estate strategies in the United States and a pan-Asia opportunistic real estate strategy.
Harrison Street European Property Partners II is managed by Harrison Street Real Estate Capital and is the second fund in its European Property Partners series. The fund, which follows an opportunist approach, will target the acquisition and development of student housing properties throughout Europe, including France, Germany, Ireland, Netherlands, Spain and the United Kingdom.
The Texas Permanent School Fund has a target allocation to real estate of 10 percent.