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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...