Texas Municipal Retirement System, Austin, committed a total of $1.7 billion to 14 alternative investment managers running 16 funds between the end of May and the end of September, according to a year-to-date Sept. 30 transaction report.
The largest aggregate commitment by asset class was $600 million from the $36.1 billion retirement system's $1.9 billion private equity/venture capital portfolio allocated to eight managers that were previously not reported by the pension fund.
The largest commitment from was $100 million to Reverence Capital Partners Opportunities Fund V, a buyout fund, on Aug. 31. The firm is an existing TMRS manager.
TMRS investment officers committed $80 million on May 25 to Flagship Pioneering Fund VII, a venture capital fund. The firm is an existing manager for TMRS.
Four managers each received commitments of $75 million from the retirement system.
- Butterfly Fund III, a buyout fund managed by Butterfly Equity, a new firm for TMRS, was awarded its commitment June 29.
- TMRS made a commitment to Greenoaks Capital Opportunities Fund IV, a venture capital fund run by Greenoaks Capital Partners, a new manager for TMRS, on Sept. 30.
- Heartwood Partners IV, a special situations fund, received its commitment May 25. The private equity firm is an existing manager for TMRS.
- LightBay Capital, an existing manager for the system, received its commitment to LightBay Investment Partners II, a special situations fund, on Aug. 31.
Altaris V-4020, a buyout fund managed by existing manager Altaris Capital Partners, received a $60 million commitment from TMR commitment July 27. The pension fund also committed $60 million to Tribe Capital Fund II, a venture capital fund. Tribe is a new manager for TMRS.
The pension fund's investment officers committed a total of $500 million to three infrastructure managers from the $4.1 billion real-return portfolio.
The largest infrastructure commitment was a total of $250 million to AIMPERA Capital Partners, a new manager for the system, with $150 million earmarked for AIMPERA Fund III and $100 million to AIMPERA III Co-Invest. The commitments were made Sept. 30.
TMRS committed $200 million to Hull Street Energy Partners II on July 27. The firm is a new manager for the retirement system.
The defined benefit plan's investment officers committed an additional $50 million to MTP Climate Infrastructure Fund on July 27. The pension fund's initial commitment to the fund was $150 million on March 30. Magnetar Capital. which runs the fund, was an existing TMRS manager prior to the investment in the firm's latest infrastructure fund.
From the pension fund's $3.2 billion real estate portfolio, investment officers committed a total of $360 million to three real estate funds.
Ascentris, a new manager for TMRS, received a $200 million commitment May 25 for value-added real estate in Ascentris/TM Partners, a separately managed account.
Grandview Partners, an existing manager for Texas Municipal was awarded a commitment of $160 million on July 27 to be split evenly between non-core real estate funds Grandview II and Grandview II TX Co-invest.
TMRS' final commitment was $250 million made Aug. 31 from the retirement system's $6.7 billion non-core fixed-income portfolio to Pemberton Strategic Credit Fund II SCSp SICAV-RAIF. The fund's manager is Pemberton Asset Management, a new firm for the TMRS.