Updated with correction.
Foundry 2022 is managed by Foundry Group. The money manager’s name was incorrect in a previous version of this story that ran in the April 5 P&I Daily.
Texas Municipal Retirement System, Austin, committed a total of $982 million to eight existing alternative investment managers, according to a March 15 report on the $36 billion pension fund's website.
By asset class, the largest aggregate commitment — $550 million — was to three real estate managers.
TPG Real Estate Partners IV received a $250 million commitment for opportunistic real estate in North America and Europe.
TMRS investment officers committed an additional $200 million to Virtus Real Estate Enhanced Core, which seeks investments in U.S. real estate and is managed by Virtus Real Estate Capital. The retirement system committed $200 million to the fund in 2020, a report for that year said.
BentallGreenOak U.S. Core Plus Fund was awarded a $100 million commitment.
The pension fund's target allocation to real estate is 12%. As of Dec. 31, the actual allocation was 11%, an investment report showed.
From TMRS' other public and private markets portfolio, three infrastructure managers split a $282 million aggregate commitment.
The investment team committed $200 million to SDC Digital Infrastructure Opportunity Fund III, a global digital infrastructure fund managed by SDC Capital Partners.
Hull Street Energy Partners II received an additional commitment of $50 million from TMRS for investment in infrastructure in the U.S. power sector. TMRS committed $200 million to the fund in 2021, an earlier report said.
Pioneer Infrastructure Partners also was given an additional commitment of $32 million after receiving an initial commitment of $150 million in 2021, the same report showed. The fund is managed by Pioneer Point Partners.
The pension fund's target allocation for the other public and private markets portfolio is 12%. As of Dec. 31, the actual allocation was 10.8%.
From TMRS' private equity/venture capital portfolio, a total of $150 million was split evenly between Dunes Point Capital Fund III and Foundry 2022.
Portfolio managers of the Dunes Point Capital fund will seek investment in small to midsize industrial companies in North America, while Foundry Group's portfolio managers will invest in early stage information technology companies.
As of Dec. 31, TMRS' actual allocation to private equity/venture capital was 7.7% compared with the retirement system's 10% target for the portfolio.
