Texas Teacher Retirement System, Austin, completed a total of $655 million in new real estate and private equity commitments in December, according to a transaction report from spokesman Rob Maxwell.
In real estate, the $187.1 billion pension fund committed $250 million to Bridge Development Partners' BDP Investment Vehicles Master Commitment, which invests in industrial real estate in the U.S. and U.K.; $100 million to Alterra IOS Venture III, which invests in outdoor storage in the U.S. and is managed by Alterra Propery Group; and $100 million to PAG Investment Advisors, which invests in Asia real estate.
In private equity, Texas Teachers committed to two Insight Venture Management funds: $80 million to Insight Partners XIII, which invests in early stage technology companies, and $50 million to Insight Partners XIII Growth Buyout Fund, which is a growth and expansion fund largely investing in Europe. The pension fund also committed $75 million to PSC V, a buyout fund managed by Pollen Street Capital that targets financial services companies across Europe and the U.K.
Texas Teachers has existing relationships with PAG and Insight Venture Management, but the other relationships are new.
As of Sept. 30, the pension fund's actual allocations to real estate and private equity were 16.2% and 17.7%, respectively; their respective long-term targets are 15% and 14%.
