Employees Retirement System of Texas

About Employees Retirement System of Texas

Employees Retirement System of Texas's investment portfolio is valued at $39.9 billion as of August 31, 2024, with investments in private equity, real estate, hedge funds, infrastructure, special opportunistic funds, real assets, natural resources, publicly-traded equities, fixed income securities, and cash. The System makes contingent commitments to investments in entities that manage private equity, private real estate, private infrastructure, private fixed income, and hedge fund portfolios. As of May 31, 2024, the private equity portfolio was valued at $6.75 billion, representing 17.4% of the total portfolio. This is an increase compared to May 31, 2023, when the private equity portfolio was valued at $6.40 billion. The private equity portfolio is currently overweight compared to the target allocation of 16%. Investments in private equity include buyouts, diversified private equity, private equity growth expansion, and venture capital strategies. International private equity investments shall comprise no more than 50% of the private equity investment allocation and shall be diversified in the context of the total portfolio. The portfolio is open to first-time fund investments. As of May 31, 2024, the infrastructure portfolio was valued at $2.32 billion. The fund's investments are governed by the board of trustees, with Mr. Machelle Pharr serving as a Chief Financial Officer. Albourne Partners, CBRE Caledon, LP Capital Advisors, Meketa Investment Group, and NEPC serve as LP Consultants.