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 a $100 million commitment, according to its latest board meeting materials.
The US pension fund plans to invest $500 million in the real estate market in 2023. The firm’s current allocation to RE stands at 13.5 percent, which is above its target of 12 percent.
TMRS also confirmed a commitment of $100 million to Stonepeak Real Estate Partners – Master Co-Investment Partners. The pension has an existing relationship with the GP. Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $51.7 billion of assets under 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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