TMRS commits $300m to Pemberton

The US public pension fund has committed $300m to Pemberton's third strategic credit opportunities fund.

Name: Texas Municipal Retirement System
HQ: Austin, US
AUM: $35.19 billion
Allocation to alternatives: 38.27%

Texas Municipal Retirement System has committed $250 million to Pemberton Strategic Credit Opportunities Fund III with an additional $50 million as a co-investment, according to materials from their board of trustees meeting earlier this month.

Pemberton Strategic Credit Opportunities Fund III is primarily focused on credit opportunities in Europe by providing junior capital to performing companies to enable expansion or acquisitions. This continues TMRS’s relationship with Pemberton Asset Management, with the pension having previously committed $250 million to the fund’s predecessor in August 2021.

As illustrated below, TMRS’s recent commitments have tended to focus on funds that target the corporate sector, while having some investment in Europe.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.