Teacher Retirement System of Texas has made two investments in its energy, natural resources and infrastructure portfolio.
The first commitment is $200 million to an energy-diversified buyout fund, First Reserve Fund XIV, managed by energy-focused private equity firm First Reserve Management. The fund launched last year with a $3 billion fundraising target. It will follow the same strategy as Fund XIII, which closed in 2014 with $3.4 billion. It invested in companies such as solar power generator SunReserve, wind farm operator Renovalia, oil exploration and production company Deep Gulf Energy III, and Utica Minerals Development, an owner of a natural gas acreage position in the Utica shale region.
The other commitment was $150 million to infrastructure-focused GEPIF III Side Car T, managed by BlackRock Alternatives Management. The fund is a side car to Global Energy & Power Infrastructure Fund III (GEPIF III), which held a first close in July 2018 with $1.5 billion
