The $158 billion Teachers’ Retirement System of Texas continues to grow its alternative investment exposure, and last month added more than $600 million in private equity and real asset fund commitments.
The majority of new allocations were in private equity with large firms such as Blackstone and Baring Private Equity Asia winning new mandates.
Four new funds were tapped for the $23 billion private equity program.
The new commitments included two buyout mandates. A total of $125 million was assigned to Clearlake Capital Management’s Clearlake Capital Management IV, a middle market/small buyout fund. Another $20 million went to a large buyout fund managed by Cinven Partners called Cinven Broadway Limited Partnership.
The largest private equity investment made in December was to Hong Kong-based Baring Private Equity Asia, totaling $200 million. The commitment was to the firm’s BPEA Bluebonnet Partners, which was launched in October according to U.S. SEC filings, and is focused on venture investing in rapidly growing companies in Asia.
Another $75 million went to Blackstone Group’s Blackstone Life Sciences V, which is part of the alternative firm’s large-scale life sciences investment platform. The fund recently won a mandate from the Texas County & District Retirement System to manage $125 million within the pension’s direct lending portfolio.
Within Texas Teachers’ $22 billion real asset portfolio a $200 million allocation was made to REVCAP Advisors Limited’s Whiteberry Partners fund, which invests in an opportunistic strategy. Real assets is a global portfolio of commercial and residential real estate investments.