Searches and Hires

Texas Permanent earmarks $75 million for Kayne Anderson real estate fund

Texas Permanent School Fund, Austin, received approval from the Texas State Board of Education to commit up to $75 million to Kayne Anderson Real Estate Partners V, confirmed Debbie Ratcliffe, a state board spokeswoman, in an email.

The opportunistic real estate fund is managed by Kayne Anderson Capital Advisors. The investment was discussed during a committee meeting on April 12 and the board voted at a meeting on April 13 to authorize the commissioner of education to execute the commitment. The commitment is subject to due diligence and negotiation of fund terms.

The SBOE oversees investment of the $34 billion educational endowment. It has an allocation of 10% to real estate as of Aug. 31, according to the fund's latest annual report.