Updated with correction
Texas Teacher Retirement System, Austin, committed a total of $596 million to real estate funds and $165 million to private equity funds in the first quarter, according to a transaction report from the $117.5 billion pension fund.
Specific details about each transaction were not provided.
Real estate commitments were Starwood Distressed Opportunity Fund IX, $200 million; Oaktree Real Estate Opportunity Fund VI, $150 million; CBRE Global Investors' European Shopping Center Fund Germany (Zentrum), €83 million ($108 million); OCM STR Co-Invest 2, $100 million; Savanna Real Estate Fund IIA, $15 million; TriGate Property Partners II, $15 million; and IC Berkeley Partners III, $8 million.
In private equity, Texas TRS committed $150 million to Apollo Credit Opportunity Fund III, and $15 million to Spire Capital Partners III.
Among bigger transactions in the first quarter within the pension fund's long-only equity portfolio were the full redemption of $1.2 billion from Artisan Partners' active emerging markets equity strategy, and the additional commitment of $278 million to an active emerging markets strategy managed by Morgan Stanley Investment Management.
Other add-on investments to existing long-only equity managers were Two Sigma Advisers' small-cap equity approach, $100 million; Dimensional Fund Advisors' emerging markets value strategy, $61 million; Eaton Vance's structured emerging markets approach, $86 million; J.P. Morgan Asset Management's global emerging markets-focused strategy, $87 million; and Lazard Asset Management's emerging markets strategy, $88 million.
Partial redemptions from existing long-only equity managers were $36 million from AQR Capital Management's active small-cap strategy; $80 million each from Goldman Sachs Asset Management's U.S. Focused Growth 20 strategy and Jennison Associates' Focused 25 Growth strategy; and $40 million from Vaughan Nelson Investment Management's U.S. active small-cap value equity strategy.
TRS made a total of $306 million in additional contributions to the following hedge fund investments: Henderson Japan Absolute Return Fund, $75 million; Marathon Credit Dislocation Fund, $115 million; Reservoir Strategic Fund, $83 million; and Rock Creek Austin Fund, $33 million.
The pension fund's largest hedge fund total redemption was $3.7 million from Stark Investment Group's Shepherd Investment International Fund, which is being closed. A $124 million investment in Alyeska Investment Group's Aleutian Fund also was completely redeemed in the first quarter.
King Street Capital Fund received a partial redemption request of $50 million in the first quarter.