Texas Teacher Retirement System, Austin, committed a total of $627 million in November to four private investment funds offered by existing managers from the $133.2 billion defined benefit plan.
The largest commitment was $300 million to FR Ascent Co-Investment, a diversified U.S. energy-focused fund managed by First Reserve from the fund’s energy and natural resources portfolio, a transaction report showed.
TRS also made commitments to two private equity sidecar investments last month with $100 million each earmarked for Kohlberg Star Trinity, managed by Kohlberg & Co., to invest in U.S. smidcap buyout companies, and Co-Investment Platform (No. 1) SCSP, a fund managed by EQT Partners to invest in European large company buyouts.
The fund also committed $127 million to AP Inception Co-Invest for investment in large U.S. buyout companies by portfolio managers from Apollo Global Management. In other news, Sept. 30 annualized returns of the fund were released during a Dec. 1 board meeting.
Returns topped those of its benchmark for the quarter, three-, five- and 10- year periods ended Sept. 30: three months, 3.9% (benchmark, 3.7%); year-to-date, 7.7% (7.9%); one year, 9.5% (9.8%); three years, 6.9% (6.7%); five years, 9.2% (8.6%); and 10 years, 5.9% (5.7%).
Assets of the educators’ fund rose 2.95% in the third quarter — $5.072 billion of investment gains tempered by $1.253 billion of net withdrawals.