LaSalle Investment Management has received an additional $200m in equity capital from the Teacher Retirement System of Texas (TRS) to invest in real estate co-investment opportunities around the globe as part of Ranger Co-Investment Fund III.
This is the third round of discretionary capital committed by the US pension fund. To date, TRS has committed $600m of capital to the Ranger co-investment fund series. In addition to the $200m commitment to Ranger III, LaSalle will also be able to re-invest the capital of the previously combined $400m in Ranger I and Ranger II. Ranger I is fully invested and Ranger II will be fully invested this summer.
Ranger III will continue the strategy of investing in best-in-class real estate investments of all property types, risk profiles, capital structures, and geographies.
The fund intends to invest the majority of the capital alongside TRS’s existing stable of general partners, although LaSalle will also consider investing a portion of the capital into co-investment opportunities with partners in which TRS does not yet have an existing relationship.
Dan Witte, managing director, LaSalle Investment Management, said: “Co-investment is an important and growing component of the Teacher Retirement System of Texas’ real estate activity. We are very pleased to have their continued vote of confidence to manage the program on their behalf. Ranger has closed co-investments with 10 different GPs and we look forward to further expanding our partnerships.”
