Texas Municipal Retirement System, Austin, committed up to $538 million to real-return, real estate, and private equity funds, spokesman Bill Wallace confirmed in an email.
The $27.6 billion pension fund committed up to $150 million to Global Infrastructure Partners IV-A/B. TMRS' previous commitments to Global Infrastructure Partners took place in 2018, with up to $75 million each going to Global Infrastructure Partners Spectrum Fund and Global Infrastructure Partners Capital Solutions Fund, and up to $50 million earmarked for Global Infrastructure Partners Capital Solutions Co-Invest.
The pension fund also committed up to $100 million and $50 million in co-investments to Orion Mine Finance Fund III, managed by Orion Resource Partners, and up to $75 million and $25 million in co-investments to Appian Natural Resources Fund II, managed by Appian Capital Advisory.
The pension fund previously committed up to $75 million to Orion Mineral Royalty Fund in 2018. This is TMRS' first commitment to an Appian fund.
As of Dec. 31, the actual allocation to real return was 10.7%; the target is 10%.
The pension fund also committed up to $75 million to Pennybacker V and up to $37.5 million to Pennybacker Extended Investment Vehicle, both value-added real estate funds managed by Pennybacker Capital.
As of Dec. 31, the actual allocation to real estate was 9.6%; the target is 10%.
Also, the pension fund made a follow-on commitment of up to $25 million to growth equity fund Updata Partners VI. The pension fund originally committed up to $50 million to the fund in December 2018.
As of Dec. 31, the actual allocation to private equity was 2%; the target is 5%.