Emerging-manager programs continue to attract investor interest. The $134 billion Teacher Retirement System of Texas, for example, recently announced a $1.3 billion commitment to its emerging-managers program over the next three years.

The commitment will be spread out across hedge funds, energy and natural resources, private equity, and real estate. The retirement system plans to invest the capital with both new and existing emerging managers.

Texas TRS created its emerging-managers program in 2006 to ensure emerging managers that met the retirement system’s investment standards could receive a capital allocation. Since then, Texas TRS has invested in a total of 143 emerging investment funds in the energy and natural resources, hedge fund, private equity, and real estate sectors.

“To date, over $1.4 billion in core allocations are managed by firms that started in our Emerging Manager Program and who have demonstrated proven and continued success,” said Sy