The $132.7 billion Teacher Retirement System of Texas has committed $300 million to FR Ascent Co-Investment, managed by First Reserve Corp.
FR Ascent Co-Investment’s investment strategy is to invest in diversified energy and natural resources in the United States. The fund has raised $420 million in investments so far.
The pension fund previously committed $150 million to First Reserve Energy Infrastructure Fund II in March 2014. The closed-end fund held a final close in April 2014, raising $2.26 billion. In additional commitments to energy funds, Texas Teachers committed $200 million to Blackstone Energy Partners II in December 2014.
Texas Teachers's target allocation to energy, natural resources and infrastructure is 5 percent.