Trustees of the $30 billion Texas Municipal Retirement System, Austin, approved the hire of the system's first private equity co-investment manager, during a Sept. 17 investment committee meeting.
HarbourVest Partners, a private equity funds-of-funds manager, was selected to manage a multivintage commitment of $400 million. The fund's plan is to deploy $100 million a year over the next four years, beginning in 2020, board materials showed.
The partnership between TMRS and HarbourVest is structured as a fund of one.
TMRS has been building out its comparatively new private equity asset class that has a target allocation of 10% of total plan assets over the past few years.
As of June 30, the system's private equity portfolio totaled $1 billion, about 3.3% of total assets.
