TRS Illinois backs RRJ, Carlyle Japan funds amid $900m strategy
US-based pension fund Teachers' Retirement System (TRS) of the State of Illinois is backing RRJ Capital's third flagship fund and The Carlyle Group's third Japanese buyout as part of $900 million worth of commitments planned across nine alternative investment funds.
According to Pension & Investments (P&I) - which cites meeting documents - the TRS Illinois board approved an investment of up to $75 million in RRJ Capital Master Fund III , and a another $30 million commitment to Carlyle Japan Partners III, last week.
The launch of RRJ's third fund has not yet been officially announced; the Hong Kong-based GP reached a $3.5 million final close on its second fund in February, 2013. Carlyle's third Japan buyout fund on the other hand has been on the market since May 2013, according to AVCJ Research data. The vehicle - which is targeting $1 billion - crossed the $600 million threshold last October.
P&I also revealed that the fund would split $600 million evenly between Blackstone Group's Blackstone Real Estate Partners VIII, and Lone Star Fund's Lone Star Real Estate Fund IV. In addition, venture capital funds Institutional Venture Partners XV and New Enterprise Associates XV will each receive $50 million, as will hedge fund manager Quadratic Capital Management, and special opportunities investor Monroe Capital Private Credit Fund II.
TRS Illinois has total assets of $45.4 billion as of June 2014 and an unfunded liability of $61.6 billion. Its private equity program had delivered a return of 25.6%, 18.2%, and 15.3% on a one, five, and 10-year basis, compared to 18.1%, 13.9% and 7.8% for the portfolio as a whole. Last year its PE allocation was increased from 12% to 14%.
More on Fundraising
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.