The $38.1 billon Texas County & District Retirement System, Austin, committed $125 million to a new real estate manager, Federal Capital Partners, a transaction report showed.
Investment officers selected FCP Realty Fund V, a value-added, closed-end fund for the commitment from the system's $1.2 billion real estate portfolio.
FCP's portfolio managers will seek equity and structured investments in income-producing commercial and multifamily properties, according to the firm's website.
With the addition of the FCP fund, TCDRS has committed a total of $453 million to five real estate funds managed by five firms through June 22.
TCDRS made one real estate commitment of $175 million in 2020, according to a transaction report.