Texas Municipal Retirement System, Austin, completed two alternative fund commitments totaling $250 million in December.
The $35.4 billion pension fund's investment staff committed $150 million to value-added real estate fund Oak Street Real Estate Capital Fund VI and $100 million to Appian Natural Resources Fund III, a private equity fund focused on the metals and mining sector managed by Appian Capital Advisory, according to a recently released investment report.
Both are existing managers for the pension fund. TMRS previously committed $100 million to Oak Street Real Estate Capital Fund V in 2020 and $75 million to Appian Natural Resources Fund II in 2019.
As of Dec. 31, the pension fund's actual allocations to real estate and private equity were 13.7% and 10.5%, respectively; their respective targets are 12% and 10%.