Texas Employees Retirement System, Austin, committed $190 million to four alternative investment strategies, a transaction report showed.
From the $28.3 billion defined benefit plan's $3.1 billion private real estate portfolio, $100 million was committed to new manager PAG for investment in PAG Real Estate Partners II, which will seek investment opportunities in Pan-Asian countries, the July report said.
Existing real estate manager Pennybacker Capital received a $50 million commitment to Pennybacker V which will seek value-added investment opportunities in affordable multifamily, senior, age-restricted multifamily properties as well as retail, office and industrial assets in sustainable U.S. growth markets.
ERS officials managing the fund's $4.2 billion private equity asset class committed $25 million to a manager-of-managers separate account – ERS Private Equity Emerging Manager Fund III — run by existing manager Baring Private Equity Asia, the transaction report showed.
A $15 million co-investment private equity vehicle — CO20190715 — received a $15 million commitment. As a matter of policy, ERS does not provide the name of the manager or the strategy of co-investments.