Teacher Retirement System of Texas has backed Faropoint鈥檚 latest US industrial real estate strategy with a $225m (鈧�193m) commitment.
Faropoint said its Industrial Value Fund IV, which is targetting $1bn in capital commitments, and the fund鈥檚 sidecar secured the seed commitments from the pension fund.
The predecessor fund in the series, Fund III, raised $916m, including $29m in co-investments, surpassing its $750m target.
Faropoint said Fund IV intends to assemble a portfolio of 200 to 250 industrial assets. It will mainly target properties with suite sizes ranging from 20,000sqft to 40,000sqft, and overall property sizes between 20,000sqft and 100,000sqft.
Adir Levitas, CEO of Faropoint, said: 鈥淔und IV represents our ongoing commitment to pairing local market expertise with cutting-edge technology to drive value while attempting to minimise downside risk.
鈥淲ith access to over $30鈥�40bn in deal flow annually through FarOS and market insight driven by REXy, we believe we are uniquely positioned to construct diversified portfolios that reflect secular urban logistics trends and dynamic tenant needs.鈥�
Raz Rahamim, global head of capital development at Faropoint, said: 鈥淚n today鈥檚 challenging fundraising environment, we鈥檙e genuinely humbled by the strong support we鈥檝e received from both long-standing partners and new institutional investors.
鈥淲e believe this speaks not only to the compelling long-term fundamentals of urban logistics, but also to the trust placed in Faropoint鈥檚 disciplined and technology-driven approach to navigating a fragmented and operationally complex sector.鈥�
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