The USD 100.3 billion pension fund’s allocation went up from USD 5.9 billion in Q3 2009 to USD 8.9 billion just over a year later. It has a private equity target allocation of 8% of total assets and an allowable range of 3.0% to 13.0%. TRS Texas’s private equity portfolio has enjoyed a 23.1% one-year return. The system invests in buyout, venture, distressed debt, natural resources, and funds of funds. It typically commits to funds of funds that focus on emerging markets or managers. Earlier in the year, for example, it awarded USD 100 million each to Squadron Capital and Morgan Creek Capital Management to invest in Asian private equity funds. The overall assets of TRS Texas have grown by around USD 9 billion since last year.
Another investor, the USD 428 million Iowa State University Foundation, has increased its private equity allocation by more than 60% since last year. In Q2 2009, it had a USD 29 million allocation compared to USD 47 million as of Q3 2010. Within private equity, it mainly invests in funds of funds and has a small natural resources allocation. Cambridge Associates provides the endowment with investment consulting services such as investment reviews, manager searches, and performance evaluation.
Further information on private equity investors can be found on Preqin’s Investor Intelligence database.