US - The Teacher Retirement System of Texas has awarded LaSalle Investment Management a $200m mandate to invest in real estate co-investment opportunities around the globe.
The agreement represents a continuation of the initial $200m partnership formed between LaSalle and TRS in 2009, and the discretionary co-investment fund will continue to be managed by LaSalle.
Lasalle said it would use the second $200m equity allocation to seek out best-in-class real estate opportunities across all property types, risk profiles, capital structures, and geographies. Specifically, the fund will invest in real estate co-investment opportunities presented to LaSalle by TRS's real estate general partners (GPs) who specialise in such investments, the fund manager said.
The fund will focus on existing relationships within TRS's stable of GP fund managers, although LaSalle will also consider investing a portion of the capital into co-investment opportunities with GPs in which TRS does not yet have an existing relationship, it added.
LaSalle managing director Dan Witte said: "We have fully committed the first $200m in co-investments alongside five different general partners of TRS over the last two years, and we are very pleased with this additional commitment. We believe it speaks to the success of the programme, which we look forward to continuing with TRS."
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