Updated with correction Nov. 15, 2012.
Texas Permanent School Fund, Austin, might invest $75 million in AREA European Real Estate Fund IV if it receives approval Friday from the Texas State Board of Education.
At their meeting Wednesday, members of the Committee on School Finance/Permanent School Fund approved a recommendation to invest in the latest fund in AREA Property Partners' European real estate fund series.
The new fund will seek opportunistic investments in European distressed situations, with at least 70% of assets targeted at properties in the U.K., Germany and France, according to a presentation on real estate investments from John Grubenman, director of private markets for the $25.9 billion endowment fund.
The board of education, which oversees management of the Permanent School Fund on behalf of the Texas Education Agency, Austin, will consider the real estate and other investment recommendations from the finance committee at Friday's general meeting of the full board.