T
RS, a pension manager based in Austin, Texas, has shown a strong preference for US real estate investments. In 2024, they committed $1.64 billion to private real estate funds, a 61% increase from the previous year's total of $1.02 billion. The surge was largely driven by December commitments totaling nearly $692 million.

    TRS made significant investments in five separate US-focused funds, with a $400 million allocation to an opportunistic vehicle managed by Blue Owl Capital. This commitment is part of TRS's broader strategy, which has seen them manage $211.6 billion in assets on behalf of public education workers in Texas.

    In contrast, TRS's Asia real estate commitments have been limited in recent years. Their most recent investment in the region was a $100 million allocation to Secured Capital Real Estate Partners VIII in December 2023. This fund is an opportunistic strategy managed by PAG and focuses on high-yielding real estate projects across Asia.

    TRS has also committed to other international funds, including TPG Asia VIII, a regional buyout fund managed by Texas-based TPG Capital. However, their investments have largely favored domestic and Europe-focused funds in recent years, with December commitments playing a significant role in driving their overall totals.