Texas Municipal Retirement System, Austin, committed or invested $435 million total with six alternatives managers, spokesman Bill Wallace said in an e-mail.
In private equity, the pension fund committed $185 million total to four managers:
- $60 million to Providence Strategic Growth II, which is managed by Providence Equity Partners and will target growth equity investments in North American, lower middle-market, technology-enabled companies;
- $50 million to Updata Partners V; which seeks to provide growth equity to lower middle-market software and tech-enabled services business and is managed by Updata Venture Partners;
- $40 million to Mercato Partners Growth III; which will invest in growth-stage technology companies in the technology, branded consumer products and digital media sectors; and
- $35 million to Foundry Group Next, a venture capital fund.
In real return, the pension fund committed $150 million to Brookfield Infrastructure Fund III, managed by Brookfield Asset Management. In real estate, the pension fund committed $100 million to Kildare European Partners II, an opportunistic fund managed by Kildare Partners.
The $24 billion pension fund has a target allocation of 10% each to real return and real estate, and a 5% private equity target.
