Texas Employees May Spend $1 Billion On Hedge Funds

Aug 20 2014 | 6:10am ET

A $26.1 billion Texas public pension fund is on the hunt for up to four new hedge fund managers.

The Texas Employees Retirement System plans to put up to $1 billion in the new funds, which will be part of its directional growth portfolio. The pension’s separate $1.1 billion absolute return portfolio will be unchanged.

The hires will come during TERS’ next fiscal year, which begins on Sept. 1, it said at a meeting yesterday.

TERS lowered its private-equity target from $1.25 billion this fiscal year to $950 million next. The pension plans to retain most of its existing managers and to make between six and 10 new fund and co-investments.

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