TMRS approves $275m in commitments

The US public pension has backed three private equity funds.

Institution: Texas Municipal Retirement System
Headquarters: Austin, United States
AUM: $27.59bn
Allocation to alternatives: 14.42%
Bitesize: $50-100m

Texas Municipal Retirement System (TMRS) has agreed to commit $150 million to Orion Mine Finance Fund III, $100 million to Appian Natural Resources Fund II and $25 million to Updata Partners VI, according to a recent report on the pension’s website. TMRS’ top-up commitment to Updata Partners VI follows the pension’s initial $50 million commitment from December 2018, making the total commitment to the fund $75 million.

The $27.59 billion US public pension has a 5.0 percent target allocation to private equity that currently stands at 2.02 percent.

As illustrated in the charts below, TMRS has made four commitments to private equity funds with a 2019 vintage, which combined constitute $350 million.

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