Texas Employees Retirement System, Austin, committed or invested a total of $190 million in January to three new alternative investment managers for the $30.9 billion pension fund, a transaction report showed.
The largest allocation was $100 million invested in Polymer Capital Management's market-neutral, multimanager, Asia-focused hedge fund from the pension fund's $1.2 billion hedge fund portfolio.
Investment officers committed $50 million from the retirement system's $3.4 billion real estate portfolio to Marcus Capital Partners Fund III. The fund's manager, Marcus Partners, will seek to acquire value-added properties in the industrial, life sciences and multifamily sectors primarily in Boston, New York and Washington.
Peak Rock Capital received a $40 million commitment for Peak Rock Capital Fund III from the pension fund's $4.9 billion private equity portfolio, the report showed. The buyout fund's portfolio managers will seek to acquire opportunistic, distressed and underperforming U.S. companies.
Separately, ERS released the retirement system's net returns as of Dec. 31, which trailed those of the pension fund's policy benchmark in each of the measurement periods provided. Multiyear returns are annualized.
For the year ended Dec. 31, the pension fund returned 9.1% compared with 10% for the benchmark; three years, 6.9%, (benchmark, 7.4%); five years, 8.6%, (8.8%); and 10 years, 7.5% (7.8%).
