The $81 billion
The limited partner pledged $300 million to the
The LP’s target allocation to private equity is 10 percent, with a range of 5 percent to 15 percent. As of December 2008, the actual allocation to private equity was 7.9 percent, giving the LP plenty of room to make further commitments to the asset class, including a total of about $2.5 billion this year. TRS anticipates allocating this capital across large-cap and mid-market buyout funds, as well as venture and distressed strategy groups.
In an October interview with Buyouts, CIO Britt Harris said its exposure to U.S.-based buyout funds, which compose between 75 percent to 80 percent of the private equity portfolio, could shrink a little as the program grows and the investment division looks to boost commitments to growth equity investors overseas. But he added that TRS has no plans to dramatically reduce its exposure to U.S.-based general partners.
In November, TRS hired Steve LeBlanc as senior managing director of private markets, overseeing the real assets, private equity and principle investments portfolios. LeBlanc previously served as president and CEO of Summit Properties Inc., a Charlotte, N.C.-based real estate investment trust, or REIT, acquired by Camden Property Trust, a Houston-based REIT, in February 2005. The LP’s investment consultants are Hamilton Lane for domestic private equity and Altius Associates for international private equity.