Texas Municipal Retirement System (TMRS) is investing in the first real estate fund to be launched by Stonepeak.
The pension fund has approved a $150m (€153m) commitment to Stonepeak Real Estate Partners, according to a board meeting document.
It is the first real estate fund to be launched by infrastructure fund manager Stonepeak, which moved into the asset class last year, according to sources familiar with the company.
Stonepeak participated in the acquisition of The Cosmopolitan of Las Vegas resort last year, which was sold by Blackstone.
The company was created in 2011, when Blackstone’s infrastructure team, led by Stonepeak CEO Michael Dorrell, left to found an independent business.
The new real estate arm of Stonepeak is led by senior managing director Phillip Solomon, also a former Blackstone managing director who helped launch Blackstone Infrastructure Partners.
Stonepeak declined to comment.
The new real estate fund pursues a value-add strategy and focuses on real estate that demonstrates infrastructure-like characteristics.
It is looking for assets in industrial, residential, healthcare and technology sectors that have sustainable cashflows, embedded demand and high barriers to entry, and are mission critical to the businesses and communities they serve.
TMRS has also committed $150m to Platform Texas Fund I, an opportunistic vehicle managed by Platform Ventures.
Platform Ventures did not respond to a request for comment, but according to TMRS the fund can invest in middle-market debt and equity through direct acquisitions, recapitalisations and reorganisations.