TR
LP profile
Teacher Retirement System of Texas
Pension fund · Founded 1937 · Austin, United States
49
VC firms backed
$198B
AUM
~$5.9B
Allocated to VC (est. 3%)
01 · Background
Who Teacher Retirement System of Texas is.
- Historical Background
- The Teacher Retirement System of Texas (TRS) was established by the Texas Legislature in 1937, following a 1936 constitutional amendment approved by voters. Initially created to provide retirement and disability benefits to public school teachers and administrators, its mandate has expanded to cover employees of public schools, colleges, and universities throughout the state.
- Source of Capital
- The system's funding is derived from three primary sources: contributions from active members, contributions from the State of Texas, and payments from public education employers. A majority of the trust fund's revenue is generated through the returns on its own investment portfolio.
- Major Events
- In 1967, the state introduced the Optional Retirement Program (ORP) as an alternative retirement plan for employees of public higher education institutions, representing a significant change in the retirement landscape for Texas educators.
- Allocation Strategy
- TRS maintains a highly diversified investment portfolio across a wide range of asset classes, including public equity, private equity, real estate, and hedge funds. The system is known for its Emerging Manager Program, which allocates capital to newer and smaller investment firms across private equity, real estate, and public equity. As one of the largest public pension funds in the United States, TRS's strategy focuses on achieving high, risk-adjusted rates of return to ensure the long-term financial health of the fund.
02 · Fund commitments
The funds Teacher Retirement System of Texas backs.
Teacher Retirement System of Texas is a limited partner in 49 funds. 11 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Lightspeed Venture Partners
#7 Power Law
New Enterprise Associates
#8 Power Law
General Catalyst
#13 Power Law
Insight Partners
#23 Power Law
Meritech Capital
#107 Power Law
Polaris Partners
#181 Power Law
Highland Capital Partners
#192 Power Law
Warburg Pincus
#233 Power Law
Bain Capital
#239 Power Law
Blockchain Capital
#250 Power Law
StepStone Group
#497 Power Law
10T Holdings
Credit Suisse
EQT Group
Hony Capital
ICICI Venture
Invesco
Orchid Asia Group Management
03 · Allocation
How Teacher Retirement System of Texas’ fund book is spread.
The 49 funds Teacher Retirement System of Texas backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 4388%
- Europe 36%
- Rest of world 36%
United States 43 · China 1 · Hong Kong 1 · India 1
How established those managers are
Managers grouped by how many funds they have raised — across the 35 of 49 with a fund history on record.
Emerging funds · 10
Established funds · 25
6
1
3
2
1
3
3
4
9
5-6
4
7-9
4
10-14
5
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Teacher Retirement System of Texas by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Missouri Public School
$56B AUM
70 VC funds backed
🇺🇸
General Electric Pension Trust
$100B AUM
38 VC funds backed
🇺🇸
The Walt Disney Company Retirement Plan Master Trust
$28B AUM
10 VC funds backed
🇺🇸
Fire and Police Pension Association of Colorado
$7.0B AUM
77 VC funds backed
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Colorado PERA
$60B AUM
90 VC funds backed
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Memorial Sloan-Kettering Cancer Center Pension Plan
$5.6B AUM
23 VC funds backed
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U.F.C.W. Consolidated Pension Fund
$3.5B AUM
23 VC funds backed
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New York State Nurses Association Pension Plan
$2.0B AUM
64 VC funds backed