Pension fund targets real estate separate accounts and co-investments for the first time. : Texas Municipal Retirement System (TMRS) has said it is planning to invest in real estate through separate accounts and co-investments for the first time. The $28.4bn (€24.9bn) pension fund is entering into a “strategic relationship” with Transwestern Investment Group (TIG), which will enable it to take its “first steps into separate account investing and co-investing within the real estate portfolio”, according to a board meeting report.