Texas State Board of Education, Austin, approved commitments of up to $50 million each to two real estate funds from the $30.1 billion Texas Permanent School Fund.
The board, which oversees investment of the educational fund, approved the commitments during a meeting Friday, according to a webcast.
The board’s Committee on School Finance Permanent School Fund voted to approve the commitments on Thursday during its meeting.
The first commitment was to GreenOak Asia II, which invests exclusively in Japan, managed by GreenOak Real Estate, a webcast of the committee meeting showed.
The second is a co-investment in real estate secondary funds being sold by another large institutional investor and is being managed by one of the school fund’s existing real estate managers. John Grubenman, director of private markets for the school fund, said during the finance committee meeting that he could not name the manager because “we are limited in what details we can provide because (the deal) is confidential and hasn’t closed yet.”
