BlackRock launches third co-investment fund

Teacher Retirement System of Texas re-ups, committing $400m to the fund.

BlackRock has begun fundraising for its third co-investment fund, Red River Direct Investment Fund III, with a $400 million commitment from the Teacher Retirement System of Texas (TRS).

TRS has been a significant investor in all three Red River vehicles.

The original Red River Direct Investment Fund launched in 2009 and closed on $400 million with a $250 million commitment from TRS, according to PEI’s Research & Analytics division.

In 2012 BlackRock launched Red River Direct Investment Fund II, which closed on $400 million received from TRS, according to PEI Research. It is a co-investment vehicle that targeted domestic investments, PEI Research said.

BlackRock currently manages $4.72 trillion in assets, according to PEI Research.

Neither BlackRock nor TRS was available to comment.