The $33.9 billion Texas Permanent School Fund committed or invested a total of $489 million to nine strategies run by eight money managers in the second quarter, according to the fund's response to a Freedom of Information Act request.
In real estate, the fund's investment officers committed a total of $240 million to three strategies, the largest of which was $90 million to VILA Multifamily Partners IB. Veritas Investments Los Angeles is affiliated with real estate manager Veritas Investments, a new manager for the Permanent School Fund. Its portfolio managers will focus on acquiring multifamily properties in the Los Angeles metro area.
Existing real estate managers for TPSF — Longpoint Realty Partners and PAG — each received $75 million to new funds Longpoint Realty Fund II and PAG Loan Fund IV. The Longpoint fund focuses investment in value-oriented properties while the PAG offering is a senior debt/direct lending fund.
Four private equity managers split $238 million in total commitments with $70 million committed to KKR Asian Fund IV, a buyout fund. KKR & Co. is an existing manager for TPSF.
A total of $65 million was earmarked for new funds from existing manager Francisco Partners. A $40 million commitment was awarded to Francisco Partners VI, a buyout fund, and $25 million was slated for Francisco Partners Agility II, a growth-equity fund.
Two new private equity managers also received commitments to middle-market buyout funds with €45 million ($53 million) to Vitruvian Investment Partnership IV, managed by Vitruvian Partners, and $50 million for Sterling Group Partners V.
The Permanent School Fund's investment team also invested and additional $11 million to Raven 8, a hedge funds-of-funds portfolio managed by Grosvenor Capital Management. The size of the assets already invested in Raven 8 could not be learned.