Texas Municipal Retirement System, Austin, further expanded its real estate and real assets portfolios with new commitments to existing managers.
Trustees of the $28.4 billion pension fund approved a commitment of up to $75 million to Abacus Multi-Family Partners IV at a meeting Thursday, spokesman Bill Wallace confirmed in an email.
TMRS committed $75 million and $50 million, respectively, to the two prior real estate funds in the series managed by Abacus Capital Group, which focus on acquisition of value-added properties in the U.S. It also previously committed $50 million to Albacore I, a core U.S. real estate fund managed by Abacus Capital.
From its real-return portfolio, the pension fund committed up to $75 million to Orion Mineral Royalty Fund, which is managed by Orion Resource Partners and "seeks to provide long-duration royalty, stream and offtake financing on projects not reserved for the (manager's) flagship mine finance fund," a staff report to trustees said.
Previously, TMRS committed $100 million to Orion Mine Finance Fund II.
The fund's allocation to real estate is 8.3% and real return, 10.2%.