Texas County & District Retirement System, Austin, selected a new fund run by existing real estate manager Related Companies, a transaction report showed.
The real estate investment team of the $28.3 billion defined benefit plan committed $125 million to Related Real Estate Fund III, which will seek to acquire opportunistic U.S. real estate properties in sectors including retail, residential, office, hospitality and city center developments.
TCDRS investment officials have committed a total of $420 million to five real estate funds this year through Aug. 2 compared with $772 million to nine funds in all of 2018, transaction reports showed.
