TMRS outlines 2023 PD pacing plan

The US pension fund announced its 2023 appetite for private credit.

Institution: Texas Municipal Retirement System
Headquarters: Austin, US
AUM: $35.2 billion

Texas Municipal Retirement System has confirmed its pacing plan for 2023 as well as a $50 million commitment, according to its latest board meeting materials.

The US pension fund plans to invest $1.25 billion in the private debt market in 2023. The firm’s current allocation to PD stands at 8.1 percent, which is below its target at 10 percent.

TMRS also confirmed a commitment of $50 million to Pemberton Mid-Market Debt Fund III. The pension fund has an existing relationship with the GP. Pemberton Asset Management is an independent asset manager focused on private debt and direct lending to European mid-market companies.

As shown below, TMRS’ projected private market exposure sits at 39 percent currently, but is in line to meet its target at 44 percent.

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