The Teacher Retirement System of Texas (TRS) has committed $50 million to Formentera Partners Fund III, according to investment correspondence.
Managed by Formentera Partners and located in Austin, this is an opportunistic, oil and gas fund. The fund recently closed with $934.8 million in capital commitments, oversubscribing from its initial target of $900 million. Formentera Partners Fund II, its predecessor, also was oversubscribed. It closed with $828.5 million in capital commitments, exceeding its $600 million target in less than a year.
As of June 30, Texas TRS had $221 billion in total assets under management. As of March 31, the public pension fund had a 6 percent infrastructure allocation target with $21.1 billion of total infrastructure assets.
