Texas Municipal Retirement System, Austin, committed a total of $185 million to two alternative investment funds run by managers new to the $29.3 billion system.
Trustees approved a $125 million investment in Southern Ridges Macro Fund from the fund's $2.4 billion absolute return portfolio during a June 21 meeting, confirmed Bill Wallace, the system's spokesman, in an email. Singapore-based Southern Ridges Capital uses a multiportfolio investment approach, primarily investing in Asian emerging market macro strategies, both directionally and with a relative-value approach.
Also approved was a $60 million commitment to Northlane Capital Partners II from the system's $610 million private equity portfolio. The buyout fund focuses on acquiring lower-middle-market companies in the business services and health-care sectors that are market leaders providing outsourced services to their clients.