Searches and Hires

Texas Municipal allocates $50 million to Searchlight buyout fund

Texas Municipal Retirement System, Austin, committed $50 million to Searchlight Capital III, a new buyout fund from existing private equity manager Searchlight Capital Partners.

Trustees of the $27.6 billion pension fund on Thursday approved the commitment to the fund, which seeks value-oriented and turnaround corporate situations in North America and Europe, confirmed Bill Wallace, TMRS' spokesman, in an email.

Searchlight "targets complex transaction in middle-market companies that can be acquired at below-market purchase prices outside of auction channels or competitive processes," said the pension fund's private equity investment team in a report to the board.

In October 2015, TMRS committed $50 million to the previous fund in Searchlight's family.