Texas’s TRS commits $744.5m to four funds

The Teacher Retirement System of Texas’ latest investments include a $300m commitment to TPG Partners VII and a new relationship with Vista Equity Partners.

The Teacher Retirement System of Texas (TRS) has committed $744.5 million to four funds from TPG Capital , Vista Equity Partners and Bridgepoint Capital , according to board meeting minutes from the pension fund. 

TRS committed $300 million to TPG Partners VII, $200 million to Vista Equity Partners Fund VI and $100 million to Vista Foundation Fund III, as well as £100 million ($144.5 million, €127.2 million) to Bridgepoint Development Capital III, according to the minutes.

TRS has a standing history of investing in TPG funds and committed $400 million to TPG Partners VI and $300 million to TPG Partners V. The pension fund also committed $315 million in Bridgepoint Europe IV and $100 million to Element Co-Investment, also a Bridgepoint managed fund. This is TRS' first investment with a Vista fund. 

TPG Partners VII held a final close of $10.5 billion in February. The large buyout fund had a target of $8 billion and will make diversified investments in North America, Asia-Pacific, and Western and Eastern Europe. TPG Partners is currently investing out of the fund. 

Vista Equity Partners Fund VI held a first close of $5.78 billion in March and has a target of $8 billion. Fund VI is a buyout fund that invests in technology, media and telecommunications in the United States. Other limited partners in the fund include New York State Common Retirement Fund, Oregon State Treasury and Texas County and District Retirement System, PEI reported earlier. 

Vista Foundation Fund III, is Vista Equity Partners' latest fund, which launched last month with a target of $2 billion. Fund III pursues investments in lower and mid-market enterprise software, data and technology-enabled software companies, generally with enterprise values ranging between $50 million and $400 million

Bridgepoint Development Capital III held a final close on £600 million last month, meeting its hard-cap and above its £500 million target. The buyout fund will make diversified investments internationally. Bridgepoint Capital is currently investing out of the fund. The firm focuses on investing in business sectors, consumer products, financial services, healthcare, industrial, manufacturing, media and technology sectors and typically makes investments of €75 million to €400 million, according to PEI Research and Analytics. 

The Teacher's Retirement System of Texas, founded in 1937, has $132 billion assets under management. The pension fund provides retirement benefits for employees of the public schools, colleges and universities supported by the state of Texas.