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Texas County & District commits $150 million to real estate, private equity

Texas County & District Retirement System, Austin, committed a total of nearly $150 million to two alternative investment strategies, according to a transaction report.

The investment team of the $25.6 billion pension fund awarded $100 million to Carlyle Realty Partners VIII, managed by Carlyle Group.

The fund’s portfolio managers will make acquisitions, value enhancements and dispositions of mispriced and undervalued U.S. properties primarily in the form of single-asset transactions in the industrial, residential, senior living, hotel and retail sectors.

The Carlyle fund commitment is TCDRS’ second to a real estate fund so far this year for a total of $154 earmarked for the asset class.

Separately, the pension fund committed €45 million ($49 million) to Chequers Capital XVII, a European-focused private equity buyout fund.

With the addition of the commitment to the Chequers Capital fund, TCDRS has allocated an aggregate $334 million to six private equity or venture capital managers so far this year, according to the transaction report.