Texas Teacher Retirement System, Austin, committed a total of $1.8 billion to 14 private market investment funds in the quarter ended March 31, according to a transaction report provided to Pensions & Investments.
Investment officers of the $124 billion pension fund committed a total of $650 million to four energy and natural resources funds during the first quarter: $150 million each to Whipstock Co-Investment Fund, managed by TPH Asset Management, Energy Capital Partners III and First Reserve Energy Infrastructure Fund II, and $200 million to Ridgewood Energy Oil & Gas Fund II.
Six private equity funds received commitments totaling $595 million from Texas Teachers including the largest commitment of $250 million to Clayton, Dubilier & Rice Fund IX. A $200 million commitment was made to CCMP Capital Investors III, managed by CCMP Capital Partners, and $100 million was earmarked to TPG Opportunities Partners III, managed by TPG Capital. Three funds received $15 million each: Blue Sage Capital Fund II, One Rock Capital Partners I and Vistria Fund, managed by Blue Sage Capital, One Rock Capital Partners and The Vistria Group, respectively.
Four real estate funds received commitments totaling $600 million, including the largest allocation — $300 million — to Lone Star Fund IX, managed by Lone Star Funds. Fudo Capital III was allocated $200 million; the fund is managed by CLSA Capital Partners-Fudo Capital. Artemis Real Estate Partners II and Westbrook Real Estate Fund IX (sidecar), managed by Westbrook Partners each received a $50 million commitment.