TMRS approves $360m in commitments

The US public pension has backed three North American private equity vehicles.

Institution: Texas Municipal Retirement System
Headquarters: Austin, US
AUM: $31.5 billion
Allocation to alternatives: 12.5%

Texas Municipal Retirement System has confirmed $360 million-worth of commitments to three private equity vehicles, a contact at the pension told Private Equity International.

The commitments comprised $200 million to a separate account managed by HarbourVest Partners, $120 million to Arcline Capital Partners II, and $40 million to Techstars Accelerator 2021.

The separate account is the second one managed by HarbourVest to which TMRS has committed in the last 12 months. The pension previously committed $400 million to a fund of one co-investment vehicle in September 2020. The new separate account will focus on investments in private equity secondaries.

Elsewhere, Arcline Investment Management’s second fund recently held a final close at $2.75 billion, surpassing its initial $2 billion target.

TMRS has a 10 percent target allocation to private equity that currently stands at 3.7 percent.

As illustrated below, The $31.5 billion US public pension’s recent private equity commitments have targeted predominantly North American vehicles pursuing various strategies.

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