TMRS outlines 2023 pacing plan

The US pension fund announced its 2023 appetite for private equity.

Institution: Texas Municipal Retirement System
Headquarters: Austin, US
AUM: $35.2 billion

Texas Municipal Retirement system has confirmed its pacing plan for 2023 as well as $200 million in commitments, according to its latest board meeting materials.

The US pension fund plans to invest $900 million in the PE market in 2023. The firm’s current allocation to private equity stands at 10.7 percent, which is above its target of 10 percent.

TMRS also confirmed commitments of $75 million to Ara Fund III, $75 million to Ara Co-investment T and $50 million to Pemberton Mid-Market Debt Fund III. The pension fund has an existing relationship with both Ara Partners and Pemberton Asset Management.

As shown below, TMRS’s projected private market exposure sits at 39 percent currently, but is in line to meet its target of 44 percent.

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