Texas Permanent School Fund commits $50m to real estate

The Texas State Board of Education approved commitments of up to $50 million on behalf of the $30.1 billion Texas Permanent School Fund, according to a board meeting webcast.

The board approved $50 million to GreenOak Asia II, a fund managed by GreenOak Real Estate that will invest in class B office properties, primarily in Tokyo. The fund will use 70 percent leverage. The fund’s predecessor held a final close in 2013 with $260 million of equity.

With this investment, the pension fund will be 70 percent invested in the United States and 30 percent invested internationally. The Texas Permanent School Fund also recently committed to Tristan Capital Partners’ European Property Investors Special Opportunities IV fund.

This is a first-time commitment to a GreenOak fund for the Texas Permanent School Fun