Texas Municipal hires 2 for private equity, adds transition managers

Texas Municipal Retirement System, Austin, made two new private equity commitments totaling $110 million, Bill Wallace, spokesman, confirmed in an email.

The $28.6 billion pension fund at its Sept. 27-28 board meeting committed $60 million to Tritium II, a buyout fund managed by Tritium Partners, and $50 million to Main Post II, a growth equity fund managed by Main Post Partners.

As of June 30, the system's actual allocation to private equity was 1.4%; the target is 5%.

Separately, the board approved hiring Northern Trust Corp. and Pavilion Global Markets and rehiring BlackRock (BLK), Citigroup and Russell Investments as transition managers. The retirement system began a shortlist search in March. Investment consultant RVK recommended expanding the pool to five managers from the three originally hired in 2013. The five managers were the only finalists.