Texas Municipal Retirement System

About Texas Municipal Retirement System

Texas Municipal Retirement System's investment portfolio is valued at over $40.48 billion as of March 31, 2024, with investments in domestic and international equity, fixed income, private equity, real assets, natural resources, infrastructure, real estate, hedge funds, and cash. Its returns for the quarter, 1 year, 3 years, 5 years, and 10 years were 3.67%, 11.62%, 6.05%, 7.19%, and 6.38%, compared to the benchmark return of 3.66%, 10.06%, 3.07%, 5.47%, and 5.37%, respectively. As of March 31, 2024, the private equity portfolio was valued at $9.45 billion, representing 23.3% of the total portfolio. The private equity allocation consists of $4.79 billion invested in private debt strategies. This is an increase compared to December 31, 2023, when the private equity portfolio was valued at $4.38 billion. The private equity portfolio is currently within the target allocation range of 16-36%. Investments in private equity include buyout, co-investment, mezzanine, private growth equity, distressed debt, and venture capital fund strategies diversified in geographical locations across the globe. The fund is open to any first-time fund investments. As of March 31, 2024, the infrastructure portfolio was valued at $2.19 billion. The fund's investments are governed by the executive management team, with Mr. Yup Kim serving as Chief Investment Officer. Albourne America and NEPC serve as LP Consultants.