Texas Permanent School Fund, Austin, committed $75 million to Blackstone Real Estate Partners Europe IV and €60 million ($81 million) to Tristan Capital Partners as part of the $28 billion fund's expansion of its real estate portfolio. Both funds have a European real estate investment focus.
Approval for the hires was granted during the Texas State Board of Education's Nov. 19-22 meeting, confirmed DeEtta Culbertson, a board spokeswoman, via e-mail.
Separately, the fund returned 11.3% net of fees in the year ended Sept. 30, trailing the 11.7% return of its policy benchmark.
However, over longer periods, the fund's annualized net of fees returns were better than the policy benchmark:
- three years, 9.8% (benchmark, 9.7%);
- five years, 8.4% (benchmark, 8.1%);
- 10 years, 7.4% (benchmark, 7.2%).
The school fund's performance report was presented to the board at the meeting. The board oversees investment of the fund.
