Texas ERS commits $116m to European fund of funds
The approximately $25 billion Employees Retirement System of Texas has committed €85 million ($115.8 million) to Aberdeen European Opportunity Fund of Funds, managed by Aberdeen Asset Management. The commitment, which is ERS’ first with Aberdeen, has been confirmed by Mary Jane Wardlow, media relations director with ERS. The value-added fund of funds launched in February 2012 and will invest across Europe, including in the Czech Republic, Denmark, Finland, France, Germany, Italy, Poland, Portugal, Spain and the United Kingdom. It is seeking net returns in the 14 percent to 16 percent range. The retirement system does not have a large fund of funds allocation.