Searches and Hires

Texas Teachers slates $486 million for alternatives

Texas Teacher Retirement System committed a total of $486 million to six alternative investment strategies in May, a transaction report from the $151.4 billion pension fund showed.

In real estate, a total of $200 million was awarded to Invesco (IVZ) Advisers, with $150 million earmarked for Invesco U.S. Value-Add Fund V and $50 million to a companion co-investment fund, Invesco U.S. Value-Add Sidecar V One. The pension fund previously committed a total of $500 million to other Invesco real estate funds, previous transaction reports showed.

The investment team at the Austin-based pension fund committed an aggregate $286 million to four private equity and venture capital funds, with $100 million going to Lightspeed Venture Partners Select III. The pension fund previously committed $100 million and $125 million to the first and second funds, respectively, in the same Lightspeed series. The Select funds make follow-on investments in portfolio companies in its core fund, Lightspeed Venture Partners XII.

Permira Growth Opportunities I also received a $100 million commitment. TRS has committed a total of $957 million to four earlier Permira funds since 2003.

TRS committed $61 million to Shingle Coinvest, managed by Leonard Green & Partners, to which TRS had already committed a total of $300 million to earlier funds and co-investment vehicles.

KKR & Co., one of the pension fund's two private equity strategic partners, received a $25 million commitment to KKR Omega Co-Invest. TRS has made numerous commitments to KKR funds, previous transaction reports showed.