Teacher Retirement System of Texas
A mega-pension with a serious emerging-manager program.
Institutional LP CapitalFirmGlobal
Target market
Established managers at scale; Fund I-III managers via the EM program
Typical check
Large main-portfolio checks; smaller EM-program commitments
Geography
Global
Overview
The Teacher Retirement System of Texas is one of the largest public pensions in the United States and a substantial private-markets investor. What makes it unusually relevant to newer GPs is its emerging-manager program, one of the longest-running institutional EM efforts in the country, which has committed billions to first- and second-time funds across asset classes including venture. The EM program is a genuine on-ramp: managers who perform can graduate to the main portfolio's much larger checks.
Key facts
- One of the largest U.S. public pension funds
- Runs one of the longest-standing institutional emerging-manager programs
- EM-program managers can graduate to main-portfolio commitments
- Based in Austin, Texas