Texas Teacher Retirement System, Austin, is investing committed up to $250 million with Lionstone Group to run a domestic real estate portfolio of office, multifamily, retail and industrial properties, confirmed Ann Kifer, Lionstone spokeswoman.
Lionstone will serve as general partner for the fund with full discretion to make acquisitions and manage the portfolio, which is expected to average 50% leverage. Further terms of the deal were not disclosed.
Howard Goldman, spokesman for the $98 billion system, could not be immediately reached for comment or further details.
