Texas Teacher Retirement System, Austin, committed a total of $409 million to five alternative investment funds in March, a transaction report from the $167.2 billion fund showed.
The system's investment team committed a total of $234 million to three real estate managers with the largest commitment — $130 million — going to CMTG TT Participation Investor. The fund is run by existing manager Mack Real Estate Credit Strategies in its Claros Mortgage Trust, a private mortgage trust REIT.
In response to a request for more information about the structure of the CMTG TT fund, TRS spokesman Robert Maxwell said in an email that the commitment is to a debt co-investment.
Existing real estate manager Square Mile Capital Partners received a $54 million commitment to Square Mile Bronx Logistics Co-Investment, which is associated with opportunistic real estate fund Square Partners V, to which TRS committed $100 million in 2016.
Abacus Multi-Family Partners V, a value-added real estate fund managed by Abacus Capital Group, a new manager for TRS, received a $50 million allocation.
From the system's energy, natural resources and infrastructure portfolio, $100 million was committed to Nova Infrastructure Co-Investment Partners III, a U.S. infrastructure fund managed by existing manager Morgan Stanley Infrastructure.
Mr. Maxwell said in his email that the Nova co-investment vehicle will invest alongside Morgan Stanley Infrastructure’s North Haven Infrastructure Partners III Fund. TRS committed $200 million the the North Haven fund in September 2019.
TRS also committed $75 million from its private equity portfolio to Lightspeed Venture Partners Select IV, a late-stage expansion fund.
Lightspeed is an existing TRS manager.