The recently formed State of Texas Real Estate Fund LP announced plans Tuesday to raise $150 million for the purpose of acquiring distressed office and industrial properties, as well as land in Texas. The group is already gauging the interests of investors from as far as Asia and Europe. The founders of the fund credit a falling dollar for whetting the appetites of international investors. The fund -- which is the brainchild of veteran office building investors -- is hunting for high-quality distressed properties in Austin, Dallas, Houston and San Antonio. "STXRE will focus on a niche that is overlooked by most institutional investors," said Mark Jordan, owner of JP Realty Partners and one of the fund's leaders. "We’re not buying the fully leased buildings that are being chased and bid-up by everyone," he added. "We’re buying great properties that are in distress. We then improve occupancy and sell within two to three years." Write to Kerri Panchuk.