TMRS approves $50m commitment

The US public pension has backed a special situations buyout fund.

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 $50 million to newly-launched Searchlight Capital III, according to a recent report from the pension’s website. Like its predecessors, Searchlight’s newest series fund is targeting buyouts in North America and Western Europe.

The $29.14 billion US public pension has a 5.0 percent target allocation to private equity which currently stands at 2.02 percent, having recently increased from 1.60 percent.

As illustrated in the charts below, TMRS has made several commitments to private equity funds with a vintage of 2018 or 2019, which combined constitute $1.08 billion.

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