TMRS approves $50m commitment

The US public pension has backed a North America focused fund.

Institution: Texas Municipal Retirement System
Headquarters: Austin, United States
AUM: $29.41bn
Allocation to alternatives: 29.49%

At its 6 December 2018 Board meeting, the Texas Municipal Retirement System approved a commitment of $50 million to Updata Partners VI. The firm, which TMRS has an existing relationship with, targets investments in B2B software and software-enabled services companies in undercapitalised geographies outside of the Bay Area. The fund itself has a target size of $300 million and is expected to make around 15 investments, each between $10 million and $35 million.

The $29.14 billion US public pension has a 5.00 percent target allocation to private equity that currently stands at 1.61 percent.

As illustrated in the charts below, TMRS is an active investor in private equity funds focused on North America and Western Europe.

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