Texas County & District Retirement System, Austin, committed €70 million ($74 million) to Orion European Real Estate Fund V, according to a transaction report.
The allocation is the $25.6 billion pension fund’s first to Orion Capital Managers.
The fund will target underperforming and poorly managed properties in Western Europe, and can invest in loans, portfolio or real estate companies as well as in property across Europe.
The Orion fund is TCDRS’ first commitment to a real estate fund in 2017.
