Dallas-Fort Worth International Airport Board committed about $8 million to Pennybacker VI for its $790 million pension fund.
The board approved the commitment to the value-added real estate fund managed by Pennybacker Capital at its Dec. 8 meeting, spokesman Brian A. Brooks said in an email.
It is the airport board's second commitment to the manager, having committing $10 million to Pennybacker III in 2016.
Separately, the board also at its Dec. 8 meeting approved a full redemption from Invesco Core Real Estate Fund, an open-end core real estate fund, citing underperformance. Invesco spokeswoman Jeaneen Terrio declined to comment.
As of Sept. 30, the pension fund's actual allocation to real estate was 10.4%; the target is 10%.
Investment consultant AndCo Consulting assisted.