Texas Teacher Retirement System, Austin, committed a total of $1.7 billion to nine alternative investment funds in late March and April.
Real estate funds Blackstone Real Estate Partners VIII and Akard Street Industrial received commitments of $300 million and $270 million, respectively, at the end of March, said a transaction report provided to Pensions & Investments by Juliana Fernandez Helton, a TRS spokeswoman. Blackstone Group manages the first fund and Akard Street Partners, a joint venture between the $132 billion pension fund and Hunt Realty Investments, manages the latter.
The pension fund also committed $500 million to two more real estate funds in April: $200 million was earmarked for Brookfield Strategic Real Estate Partners II-B, managed by Brookfield Asset Management, and $300 million will go to Lone Star Real Estate Fund IV, managed by Lone Star Funds.
Also, commitments totaling $565 million were divided among four energy and natural resource funds in April:
- Big Bend Fund I, a diversified energy fund managed by Goldman Sachs Asset Management, $200 million;
- EnCap Investments' EnCap Energy Capital Fund X, $150 million;
- EFM Moda Holdings, a co-investment associated with EnCap Flatrock Midstream Fund III, $65 million; and
- Riverstone Global Energy and Power Fund VI, $150 million managed by Riverstone Holdings.
Finally, $75 million was set aside for a private equity co-investment, KKR AMG Co-Invest, managed by KKR & Co., according to Ms. Helton's transaction report.