The Employees Retirement System of Texas (ERS) has announced plans to commit $300 million to infrastructure in the 2026 fiscal year, according to meeting materials.
As of Dec. 31, 2024, ERS’ private infrastructure was overallocated by 5 percent and saw slowing activity in mergers and acquisition activity and possible extension of fund terms, according to materials. Considering this, the portfolio is expected to continue growing before it begins to decline and meet the allocation target within the next 12 months.
Of the current allocations, ERS commits 35 percent to digital infrastructure, 36 percent power and utilities, 16 percent transportation, 10 percent into midstream, and 3 percent allocated to other assets.
As of May 31, 2025, ERS had $41.3 billion in total assets under management, with a 5 percent infrastructure allocation target and $2.7 billion in total infrastructure assets.
