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TRS manages $187 billion in assets on behalf of Texas public education workers
PAG has secured a $100 million capital commitment from existing limited partner Texas Teachers Retirement System for the Asian private equity firm’s latest opportunistic real estate fund.
PAG’s investment in Secured Capital Real Estate Partners VIII is revealed in the monthly update of TRS, a pension fund that manages $187 billion in assets on behalf of public education workers in the nation’s second-largest state. Became.
SCREP VIII, which has not yet been announced publicly, is the successor to the opportunistic fund family after SCREP VII reached its final closing of $2.75 billion just under four years ago. The 2020 vintage vehicle invests in high-yield real estate projects across Asia, with a particular focus on commercial real estate in Japan, where the Secure Capital Series fund managers are based.
While TRS updates indicate Europe as a target region for SCREP VIII, a PAG representative confirmed to Mintiandi that the new fund will continue to focus on Asian real estate.
return engagement
TRS and another Texas pension fund, the Employees Retirement System, contributed a combined $225 million to SCREP VII.
Broderick Storie manages PAG’s pan-Asia opportunistic real estate strategy
PAG also received commitments from TRS of $10 million each for 2022 vintage opportunistic real estate funds, Kona Co-Invest and Mirai Co-Invest. TRS continued to look overseas last year, investing $125 million in TPG Asia VIII, a regional buyout fund managed by Texas-based TPG Capital.
In early 2022, the Employee Retirement System announced a $50 million commitment to PAG’s third pan-Asia core-plus/value-add real estate fund. The PAG Real Estate Partners III pledge was announced in January by ERS, a $37 billion fund that supports Texas state government employees.
Led by Founder and Chairman Weijian Xiang, PAG achieved a final close of $1.9 billion in SCREP VI funds in 2017. The vehicle, which invests in real estate and non-performing loans in Japan and select markets, built on the success of SCREP V’s expected internal rate. You can earn more than 50% profit.
Target Wanda Mall
PAG made headlines last month when it announced that its creditors would reinvest in Zhuhai Wanda Commercial Management Group after the Chinese shopping mall operator’s IPO in Hong Kong failed to materialize.
PAG and other pre-IPO investors are reinvesting an undisclosed amount in the mainland mall arm of Dalian Wanda, which is chaired by Wang Jianlin, once China’s richest man, and is reinvesting an undisclosed amount in the mainland mall division of Dalian Wanda, which is chaired by Wang Jianlin, once China’s richest man, and is reinvesting an undisclosed amount in the mainland mall division of Dalian Wanda, which is chaired by Wang Jianlin, once China’s richest man. Proceeds from this will be redeemed.
Under the terms of the deal, Mr. Wang will reduce his stake in the company he founded in China’s largest shopping mall developer from 78% to 40%, with a consortium of investors led by PAG holding the remaining 60%. .
PAG manages $55 billion in assets on behalf of approximately 300 global institutional investors.
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