Texas TRS commits $250m to Carlyle fund

Pledge to the firm’s Global Infrastructure Opportunity vehicle means the pension has put nearly $1bn into energy and infrastructure funds this year.

The Teacher Retirement System of Texas has committed $250 million to The Carlyle Group’s Global Infrastructure Opportunity Fund.

The commitment, which was approved in August and closed last month, marks the pension's second pure-play infrastructure investment this year following the €95 million commitment in July to EQT Fund Management’s co-invest platform.

It has added nearly $1 billion in infrastructure and energy fund commitments in 2017, including a $250 million allocation to Energy Capital Partners III, $200 million to EnCap Energy Capital Fund XI and $150 million to Avenue Energy Opportunities Fund II.

TRS’s energy, infrastructure and natural resources portfolio now comprises 3.9 percent of its assets under management, just short of its 5 percent target allocation.

Founded in 1937, Austin-based TRS is the largest public pension fund in the state and the sixth-largest in the US. It serves more than 1.5 million members and holds $146 billion in assets under management.

Carlyle’s Global Infrastructure Opportunity Fund, a longer-hold, non-core vehicle, is targeting $2.5 billion.