At a glance
- Half went to IDR Strategic Opportunities Fund, a closed-end core strategy that received $500 million.
- For advisors and allocators pricing a core real estate sleeve, the IDR fund offers an index-replication option to benchmark a discretionary separate account.
- Almanac Realty Securities X, a program of NB Alternatives Advisers, received $200 million for a closed-end, value-added fund.
The Teacher Retirement System of Texas committed $1 billion to real estate funds in October, IREI reported, citing official investment correspondence.
Half went to IDR Strategic Opportunities Fund, a closed-end core strategy that received $500 million. IDR Investment Management, the manager, builds index funds for the private equity real estate asset class. The fund pursues targeted secondary-market trades meant to capture liquidity and valuation imbalances in US institutional private real estate.
For advisors and allocators pricing a core real estate sleeve, the IDR fund offers an index-replication option to benchmark a discretionary separate account. The main due-diligence item is tracking difference against the NCREIF NFI-ODCE Index. IREI, citing its Ask IRE.IQ market-intelligence tool, identifies TRS as majority founding investor in IDR's Core Property Index Fund, one of the first open-end private equity real estate funds designed to track that index.
Almanac Realty Securities X, a program of NB Alternatives Advisers, received $200 million for a closed-end, value-added fund. It supplies growth capital to private and public real estate companies to capture the continued shift in US ownership toward integrated entities. An affiliated ARS X offering received $100 million.
PB VII Coinvest I, a Pennybacker Capital program, took $150 million for a closed-end, value-added fund investing across US property types.
The four commitments named in the correspondence sum to $950 million of the $1 billion October total. IDR's commitment is the largest single allocation.
IDR Strategic Opportunities Fund reported $500 million sold, with a first sale dated Oct. 9 on an Oct. 27 Form D, as Private Wealth Daily previously reported. That suggests the Texas pension anchored the offering.
IDR fund took half of TRS's $1B October commitment
Capital committed by Texas TRS to named real estate funds, October ($M)
- IDR Strategic Opportunities$500M
- Almanac Realty Securities X$200M
- PB VII Coinvest I$150M
- Affiliated ARS X offering$100M
Show as table
| Item | Value ($M) |
|---|---|
| IDR Strategic Opportunities | $500M |
| Almanac Realty Securities X | $200M |
| PB VII Coinvest I | $150M |
| Affiliated ARS X offering | $100M |
Reported by the Who's investing desk from IREI and Private Wealth Daily archive. Published . Corrections