Searches and Hires

Texas Permanent School Fund books $156 million for real estate

Texas Permanent School Fund, Austin, received approval from the Texas State Board of Education for real estate commitments totaling $156 million during a board meeting Friday, confirmed Debbie Ratcliffe, a state board spokeswoman, in an email.

The SBOE oversees the $33.9 billion educational endowment.

AG Realty Value X received commitment of up to $75 million to invest in opportunistic property investments in the U.S., Europe and Asia. The commitment is the fund's fifth to Angelo Gordon & Co., said John Grubenman, director of private markets, in a Thursday webcast of a state board Committee on School Finance/Permanent School Fund meeting.

TPSF commitments to Angelo Gordon real estate funds now total $300 million.

Also approved was a €51 million ($60 million) commitment to Harrison Street European Property Partners Fund II, managed by Harrison Street Real Estate Capital, which will acquires and develops student housing in the U.K. and Europe. During the meeting, Mr. Grubenman reminded committee members of a $30 million commitment made in late 2017 to a student housing co-investment by Harrison Street.

The SBOE accepted the recommendation of the finance committee to increase TPSF's commitment to PAG Enhanced Credit Fund by $21 million. In 2016, an initial $70 million was committed to the fund, which is managed by PAG Enhanced Credit Management and invests in Asia-Pacific properties.

Mr. Grubenman also received approval for his proposed real estate pacing plan to invest up to $775 million in calendar year 2018. The same annual investment level is projected through 2022, he said.