Updated with correction.
Texas County & District Retirement System, Austin, committed $31 million to Pennybacker EIV, an extension fund, a transaction report for the $31.9 billion pension fund showed.
The new real estate fund is an extension fund to Pennybacker IV.
TCDRS investment officers committed $94 million in July to Pennybacker V, the next fund in the manager’s fund family.
Portfolio managers at Pennybacker Capital will seek value-added investment opportunities in affordable multifamily, senior, age-restricted multifamily properties as well as retail, office and industrial assets in sustainable U.S. growth markets.
Year-to-date Nov. 1, including the commitment to the new Pennybacker fund, TCDRS committed a total of $576 million to seven real estate strategies managed by six firms from the system’s $821 million private real estate portfolio.
In 2018, the defined benefit plan’s real estate team committed a total of $722 million to nine real estate funds, transaction reports showed.