Texas TRS approves co-investments with Square Mile and Greystar

Teacher Retirement System of Texas (TRS) has approved more real estate co-investments with Square Mile Capital Management.

The pension fund, which has entered into co-investments with Square Mile previously, confirmed to IPE Real Assets that it was co-investing US$160 million on an opportunistic basis.

The co-investment is the largest part of US$232 million of new real estate investments approved by Texas TRS.

It is also co-investing US$22.1 million alongside Greystar Real Estate Partners, a residential fund manager, and investing US$50m in value-add real estate fund Pennybacker V.

Pennybacker Capital is close to a final close on the fund, for which it hopes to raise US$600 million, according to industry sources.