Texas Municipal Commits $850.5M to Alts, Eyes $4.2B for Private Markets in ‘25

The Texas Municipal Retirement System (TMRS) closed third quarter deals totalling $850.5M across seven funds in private equity, private infrastructure, real estate, and venture capital, and is looking at $4.2B in private markets commitments for 2025, consistent with the current year’s pacing plan. 

Per agenda materials for its December 19 board meeting, the pension committed $108M to Pioneer Infrastructure Partners II and $25M to Reverence Capital Partners in July; in August, it allocated $22.5M to SkyKnight Financial Holdings; and in September, it allocated $500M to Jacobs Levy Equity Management, $45M to BCIS Martino GP, $100M to WCP NewCold III, and $50M to Arch Venture XIII. 

TMRS CIO Yup Kim also recommended maintaining the current year’s $4.2B commitment level for private markets investments for the 2025 pacing plan. The pension’s private investments portfolio is currently split between three asset classes: private equity and credit, which each carry a $1.6B allocation, and real assets, with $1B. 

As of September 30, Texas Municipal has completed $1.58B investments across 14 alts funds since the beginning of the year. Kim said the pension is on track to fully commit its private market target allocation, having reached the minimum commitment target year to date.

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Written By: Dakota

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