Searches and Hires

Texas Municipal earmarks $75 million to GTCR XII

Texas Municipal Retirement System, Austin, committed $75 million to GTCR Fund XII during a board meeting of the $26 billion fund on Thursday, confirmed Bill Wallace, spokesman, in an email.

The fund will seek investment opportunities in North American companies in the technology, media and telecommunications, and financial services sectors.

The commitment is the pension fund's first to a GTCR fund.

With the addition of the commitment, TMRS passed the halfway mark toward its goal of committing a total of $600 million to private equity in 2017, showed an asset class report prepared for the board. The fund committed a total of $125 million to three private equity funds in February and $133 million in May.

Separately, the pension fund returned a preliminary 10.4% for the year ended June 30 and an annualized 6.9% for the five-year period. It's fiscal year ends Dec. 31.

Benchmark returns for the total fund were not available in an investment report prepared for an Aug. 18 board meeting.

Non-U.S. equities were the fund's best performer over the one-year period ended June 30, with a 19% return compared to 20.4% for the asset class' benchmark. U.S. equities followed with an 18.1% return (benchmark, 18.5%); non-core fixed income, 10.3% (9.7%); hedge funds, 9.7% (5.8%); real estate, 8.2%; real return, 2.1% (0.8%); and core fixed income, 0.1% (-0.3%).

The real estate return lags returns of other asset classes by one quarter.