Texas Teacher Retirement System, Austin, committed a total of $1.05 billion to five private investment strategies, a transaction report showed.
Aggregate commitments in September from the $139.7 billion pension fund to real assets were $550 million with the largest — $400 million — going to an opportunistic U.S. real estate co-investment managed by Blackstone Group, an existing manager.
AEW Capital Management received a total commitment of $150 million, with $100 million earmarked for AEW Value Investors Asia III and $50 million going to a co-investment associated with the fund. In 2016, the pension fund committed $100 million to the predecessor fund in AEW's series and $50 million to the fund's companion co-investment. The AEW fund seeks value-added real estate investment opportunities in high-growth Asian cities including Hong Kong, Singapore and Seoul.
The pension plan also made commitments in September of $250 million each to Carlyle Global Infrastructure Opportunity Fund, a U.S.-focused fund managed by Carlyle Group, and TPG Growth IV, a growth-oriented private equity and venture capital strategy which will target investment in U.S. companies. Carlyle and TPG are existing managers.