The USD 31.3 billion public pension fund has recently committed USD 275 million across three vehicles, allocating USD 100 million each to both Baring Asia Private Equity Fund V and Golder Thoma Cressey Rauner X and committing USD 75 million to Stone Point Capital’s Trident Fund V.
TRS also posted returns for the asset classes its portfolio is exposed to. Its private equity investments returned 19.0% for the year to June 30th 2010, and 6.9% for the 10 years to June 30 2010. Private equity outperformed the other asset classes it has exposure to for both periods.
TRS is an active investor in private equity, and as of 30 June 2010 it had 9.5% of its total assets - approximately USD 3 billion – committed to private equity. It invests in buyout and growth capital funds, as well as venture capital, distressed debt and mezzanine funds. Its private equity exposure spans North America, Europe, Asia and Israel. In May 2009, the pension fund increased its private equity target two percentage points from 8% to 10%. It is also developing a private equity co-investment programme, which will form part of its private equity allocation.
More information on institutional investors in private equity can be found on Preqin’s Investor Intelligence database.