The $207.3B Teacher Retirement System of Texas has committed $115M to two new venture capital funds within its private equity portfolio.
Last month, Texas TRS committed $60M to Altimeter Venture Partners Fund VII and $55M to Radical Ventures Fund IV, both of which are new relationships for the plan, according to a press release, which also noted investments by these funds are focused domestically.
The Altimeter venture fund is focused on investments within technology, including enterprise, software, fintech, artificial intelligence and life sciences. The Radical Ventures Fund’s investments are within growth-stage AI start-ups.
Texas TRS also made an allocation of $150M to Hg Saturn 4 A, a buyout fund with a focus on investments in Europe. The large-cap buyout fund is focused on investments in software and services companies and is one of the most well-known companies within the space in Europe.
Additionally, the plan committed $125M to Oaktree Power Opportunities Fund VII, an opportunistic energy, natural resources and infrastructure fund with a focus on domestic investments. It focuses on investments in sectors including electric power, natural gas, water, and other utility-related businesses across North America and Europe.
This isn’t Texas TRS’ first commitment to the energy and natural resources fund manager. In 2021, the plan committed $150M to Hg Saturn 3A in 2022, and $100M to Oaktree Power Opportunities Fund VI.
As of Dec. 31, 2024, the plan had allocated 15.7% to its private equity portfolio and 6.9% to its energy, natural resources and infrastructure portfolio, with a long-term target of 12% and 6%, respectively.
