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Texas Pension Commits $2.4B to Alternative Funds

Aug 22, 2013
Jing Chen

The Texas Employees Retirement System of Austin has approved a $2.4 billion alternative investment allocation for 2014.

Pensions & Investments reported that the $24.2 billion pension fund plans to reach the 5% target allocation, or $1.3 billion, to hedge funds by the 2014 fiscal year. The pension is also targeting a $700 commitment toward six to 10 private equity funds by next year.

With two new allocations to an undisclosed event-driven hedge fund and a relative value strategy, ERS' hedge fund portfolio will total about $670 million by September 1.

The pension's private equity portfolio totaled a net $1.5 billion as of June 30.

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