The $30 billion Texas Municipal Retirement System committed $50 million to Parthenon Investors VI, a growth-oriented private equity fund, during a board meeting Thursday, confirmed Bill Wallace, the fund's spokesman, in an email.
The fund is managed by Parthenon Capital Partners, a new manager for the Austin-based fund. Parthenon's portfolio managers will seek buyout investments in U.S. companies in the financial-services, health-care and business-services sectors.
TMRS trustees also approved rehiring Albourne Partners as the fund's alternatives consultant and expanded the range of its responsibilities, a board report showed.
Albourne Partners has served as the consultant for TMRS' $2.3 billion hedge fund and $3.3 billion real return portfolios since March 1, 2015. The current consulting contract expires Jan. 31.
Under the new contract, Albourne also will advise the fund's investment teams on management of the $3 billion real estate, $1.4 billion private credit and $720 million private equity portfolios.
StepStone Group is the incumbent consultant for the real estate and private equity portfolios, according to a report on the fund's website. The fund currently doesn't have a dedicated private credit consultant.
Mr. Wallace did not immediately respond to a request for more information about Albourne's new contract, including its effective date and length.
