Texas Municipal Retirement places $300 million with 4 real estate managers

Texas Municipal Retirement System, Austin, committed a total of $300 million to four real estate managers, confirmed spokesman Bill Wallace.

The $20.1 billion pension fund committed $100 million to a separate account managed by Harrison Street Securities, a REIT subsidiary of real estate investment management firm Harrison Street Real Estate Capital; and $50 million to Harrison Street Core Property Fund, an open-end real estate fund managed by the same firm that invests in specialized niche sectors.

The pension fund also committed $100 million to Mesa West Core Lending Fund, a direct lending real estate fund managed by Mesa West Capital, and $50 million to Smart Markets Fund, a core real estate fund managed by Core and Value Advisors, an affiliate of Stockbridge Capital Group.

Real estate consultant ORG Portfolio Management assisted.

The pension fund previously committed $100 million each to Harrison Street Real Estate Capital and Stockbridge Capital, Mr. Wallace said in an e-mail.

TMRS has a 10% target real estate allocation and 3% actually committed.