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Texas Permanent School Fund (PSF) has committed $200 million to Ares U.S. Real Estate Fund XI, a vehicle of Ares Management.

Ares U.S. Real Estate Fund XI is a closed-end, value-added fund that focuses on investments in U.S. growth markets, targeting property types such as multifamily and industrial. A fundraising target has not been disclosed. Ares U.S. Real Estate Fund X, its predecessor, closed with $1.8 billion in equity commitments.