Texas County & District Retirement System, Austin, selected a new manager to receive a commitment from the fund's $766 million private real estate portfolio, a transaction report showed.
Investment officers committed $94 million to Pennybacker V, which 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.
The commitment to the fund, managed by Pennybacker Capital, is the $30.4 billion fund's fourth to private real estate strategies, bringing the total earmarked for the asset class as of July 1 to $295 million.
In 2018, the defined benefit plan's real estate team committed a total of $722 million to nine real estate funds, transaction reports showed.
