Texas State Board of Education, Austin, on Friday approved committing up to $50 million to Rockpoint Real Estate Fund V for the $29.9 billion Texas Permanent School Fund, which it oversees.
The opportunistic real estate fund, which will focus investments in hospitality, office and multifamily properties on the east and west coasts of the U.S., is managed by Rockpoint Group.
SBOE approval was based on the recommendation of the board’s finance committee, which met Thursday.
“It’s a plain-vanilla strategy,” Jarrod Rapalje, a senior consultant from Courtland Partners, told finance committee members, according to a webcast of the meeting. The fifth fund in Rockpoint Group’s series has a targeted annualized net return between 14% and 15%, Mr. Rapalje added.
