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Texas Municipal Retirement System (TMRS) is a public pension system that provides secure lifetime retirement income to municipal employees across Texas cities.
Invests inUnited States
Source: firm website, verified Oct 1, 2026.
Fund commitments · as a limited partner · 314
as of Dec 2025Private-fund positions this organization discloses in its own public filings and reports — $39.9B committed, $33.9B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| Trinity River Holdings | Trinity | — | $3B | $369.5M | 0.9% | 1.00x | — |
| Treaty Oak Fund L.P. | Treaty Oak | — | $1.5B | $1.7M | — | 1.10x | 1.10x |
| Bandera Strategic Credit Partners II, L.P. | Bandera Capital | — | $635M | $939.2M | — | 1.60x | 0.01x |
| AllianceBernstein Delaware Business Trust | AllianceBernstein | — | $565M | $411.3K | — | 0.92x | 0.92x |
| D.E. Shaw World Alpha Extension | D.E. Shaw | — | $500M | — | — | — | — |
| H.I.G Whitehorse Trinity, L.P. | H.I.G. Capital | — | $500M | $372.1M | 8.3% | 1.48x | 0.76x |
| TCW Brazos Fund LLC | TCW Brazos | — | $500M | $438.2M | 7.8% | 1.77x | 1.06x |
| MW TOPS World Equities (US) Fund | MW TOPS World Equities (US) | — | $450M | $616.5M | — | 1.32x | — |
| GoldenTree Asset Management LP | GoldenTree Asset Management | — | $410M | $562.3M | — | 1.44x | — |
| BentallGreenOak US Core Plus Fund LP | BentallGreenOak | — | $400M | $516.3M | 7.0% | 1.29x | — |
| HarbourVest TMRS Polaris SMA L.P. (Tranche 1) | HarbourVest Partners (Canada) | — | $400M | $344.2M | 13.4% | 1.50x | 0.19x |
| Virtus Real Estate Enhanced Core, LP | Virtus Real Estate Capital | — | $400M | $470.7M | 7.2% | 1.29x | 0.17x |
| Bandera Strategic Credit Partners I, L.P. | Bandera Capital | — | $331M | $1B | — | 1.53x | 0.13x |
| Abacus Core Income Fund I LP | Abacus Core Income | — | $313.7M | $162M | 0.1% | 1.42x | 0.89x |
| Global Credit Opportunities Fund, L.P. | GKC | — | $300M | $81.9M | 6.6% | 1.45x | 1.22x |
| Golub Capital Pearls Direct Lending Program, L.P. | Golub Capital | — | $300M | $7.7M | 7.2% | 1.81x | 1.74x |
| Neuberger Berman High Income Trust | Neuberger Berman | — | $300M | $408.8M | — | 1.36x | — |
| PIMCO Corporate Opportunities Fund III Onshore Feeder, L.P. | PIMCO Europe | — | $300M | $271.1M | 8.0% | 1.70x | 0.69x |
| Invesco U.S Income Fund, L.P. | Invesco | — | $279M | $472.7M | 7.4% | 1.74x | 0.08x |
| Invesco US Income Fund | Invesco | 2014 | $279M | $449M | 7.6% | 1.65x | 0.05x |
| Stockbridge Niche Logistics Fund, LP | Stockbridge Capital Group | — | $267M | $396.2M | 10.4% | 1.53x | 0.19x |
| Adams Street Private Credit Fund III-A LP | Adams Street Partners | 2023 | $250M | $91.6M | 17.5% | 1.27x | 0.46x |
| AG Direct Lending Fund III (Unlevered), L.P. | Angelo Gordon | — | $250M | $45.8M | 6.4% | 1.28x | 1.10x |
| GoldenTree Distressed Fund IV LP | GoldenTree Distressed Debt | 2024 | $250M | $102.3M | 25.9% | 2.09x | 1.00x |
| H.I.G. Strategic Partners Fund II, L.P. PE | H.I.G. Capital | — | $250M | $70.2M | 0.0% | 1.09x | 0.47x |
| Pemberton Strategic Credit Fund II SCSp SICAVRAIF - Pemberton Strategic | Pemberton | — | $250M | $231.2M | 11.5% | 1.69x | 1.11x |
| Pemberton Strategic Credit Fund III SCSp SICAV-RAIF - Pemberton Strategi | Pemberton | — | $250M | $226M | 10.1% | 1.50x | 0.80x |
| TPG Real Estate Partners IV | TPG | 2022 | $250M | $115.3M | 6.9% | 1.09x | 0.01x |
| USAA Eagle Real Estate Feeder 1, LP | USAA Eagle | 2015 | $250M | $264.6M | 4.0% | 1.38x | 0.32x |
| Adams Street Private Credit Fund II-A LP | Adams Street Partners | — | $235M | $164.8M | 13.8% | 1.81x | 1.26x |
| Adams Street Private Credit Fund-A LP | Adams Street Partners | — | $200M | $41.5M | 12.9% | 1.60x | 1.40x |
| Blackstone Capital Opportunities Fund V LP | The Blackstone Group | — | $200M | — | — | — | — |
| CHORUS CAPITAL CREDIT FUND V USD SCSp | Chorus Capital Management | 2024 | $200M | $203.5M | 13.8% | 1.09x | 0.12x |
| Elda River Opportunities Fund IV LLC | Elda River | — | $200M | $131.3M | 0.5% | 1.01x | 0.02x |
| Excelsior Renewable Energy Feeder Fund II-B LP | Excelsior Renewable Energy Feeder | — | $200M | $155.3M | 18.4% | 1.22x | 0.01x |
| GoldenTree Private Credit Fund II LP | GoldenTree Private Credit | — | $200M | — | — | — | — |
| H.I.G. Capital – TMRS Capella SMA, L.P. | H.I.G. Capital | — | $200M | $234.2M | 7.5% | 1.37x | 0.21x |
| HarbourVest TMRS Polaris SMA L.P. (Tranche 2) | HarbourVest Partners (Canada) | — | $200M | $211.3M | 10.9% | 1.35x | 0.07x |
| Harrison Street Social Infrastructure Fund, L.P. | Harrison Street Real Estate Capital | 2021 | $200M | $272.9M | 7.1% | 1.47x | 0.22x |
| Hull Street Energy Partners II, L.P. | Hull St | 2021 | $200M | $240.2M | 20.8% | 1.54x | 0.32x |
| Invesco Commercial Real Estate Finance Trust, Inc. | Invesco | — | $200M | $228.3M | 10.9% | 1.17x | 0.03x |
| PIMCO Corporate Opportunities Fund II Onshore Feeder, L.P. | PIMCO Europe | — | $200M | $163.4M | 14.1% | 2.75x | 1.84x |
| Public Pension Capital | Public Pension | 2014 | $200M | $97.3M | 14.9% | 1.25x | 0.14x |
| Silver Hill Energy Partners III, LP | Silver | — | $200M | $203.4M | 17.9% | 1.49x | 0.39x |
| Smart Markets Fund, L.P. | Smart Markets | 2013 | $200M | $521.7M | 7.8% | 1.89x | 0.49x |
| Stone Oak Fund L.P. | Stone Oak | — | $200M | $300M | 8.9% | 1.91x | 1.45x |
| The Varde Dislocation Fund, L.P. | The Varde | — | $200M | $58.6M | 9.2% | 1.34x | 0.97x |
| The Varde Private Debt Opportunities Fund (Onshore), L.P. | The Varde | — | $200M | $65.8M | 8.2% | 1.61x | 1.27x |
| TPG Real Estate Credit Opportunities, L.P. | TPG | — | $200M | $38.1M | 3.6% | 1.06x | 0.02x |
| Waterfall Eden Fund, LP | Waterfall Eden | — | $200M | $8.8M | — | 1.38x | 1.33x |
| White Oak Summit Fund, L.P. | White Oak Management | — | $200M | $114.6M | 3.5% | 1.39x | 0.93x |
| Infinity Q Volatility Alpha Fund, LP | Infinity Q Volatility Alpha | — | $175M | $26.7M | — | 0.56x | 0.41x |
| SDC Digital Infrastructure Opportunity Fund III, L.P. | SDC Capital Partners | — | $175M | $141.9M | 3.4% | 1.08x | 0.02x |
| Texas Pecan Partners, L.P. | Texas Pecan | — | $175M | $120.4M | 14.9% | 1.57x | 0.81x |
| Symmetry US Fund LP | SYMMETRY SECONDARY | — | $160M | $4.4M | — | 1.57x | 1.54x |
| AIMPERA Fund III LP | Aimpera Capital Partners | — | $150M | $130.3M | 28.0% | 1.37x | 0.20x |
| Arrow Credit Opportunities II USD Feeder SCSp | Arrowstreet | — | $150M | $144.7M | 14.5% | 1.22x | 0.09x |
| Arrow Credit Opportunities III USD Feeder SCSP | Arrow Credit Opportunities III USD Feeder SCSP | — | $150M | — | — | — | — |
| Bain Capital Insurance Fund, L.P. | Bain Capital | 2023 | $150M | $94.8M | 16.4% | 1.23x | 0.08x |
| Bregal Sagemount Credit Solutions L.P. | Bregal Sagemount | — | $150M | $11.9M | 7.1% | 1.44x | 0.79x |
| Brookfield Infrastructure Fund III-B, L.P. | Brookfield Asset Management | 2016 | $150M | $169.7M | 12.1% | 1.88x | 0.89x |
| CB Credit Opportunities Fund IV, LP | CB Credit Opportunities | — | $150M | — | — | — | — |
| Diameter Onshore Fund LP | Diameter Onshore | — | $150M | $221.3M | — | 1.72x | 0.25x |
| ERA Infra Fund I LP | ERA Infra | — | $150M | $120.4M | 18.5% | 1.89x | 1.17x |
| Global Infrastructure Partners IV-A/B | GIP | 2018 | $150M | $156.9M | 6.5% | 1.27x | 0.16x |
| Grain Spectrum Holdings IV, L.P. | Grain Spectrum Holdings | — | $150M | $38.8M | -8.3% | 0.84x | — |
| Harrison Street Core Property Fund, L.P. | Harrison Street Real Estate Capital | 2012 | $150M | $236.3M | 7.0% | 1.73x | 0.89x |
| HPC GPFS Co-Invest (Zilker), L.P. | — | — | $150M | $28.1M | 0.9% | 1.01x | — |
| ISQ Global Infrastructure Fund II (UST), L.P. | I Squared Capital | 2018 | $150M | $181.7M | 11.7% | 1.76x | 0.86x |
| ISQ Global Infrastructure Fund III (UST), L.P. | I Squared Capital | 2020 | $150M | $137.3M | 12.8% | 1.29x | 0.10x |
| KLCP Domestic Fund IV LP | — | — | $150M | $1M | 178.8% | 2.79x | — |
| Man AHL Hydrogen LLC | Man AHL Hydrogen LLC | — | $150M | $171M | — | 1.41x | 0.27x |
| Oak Street Real Estate Capital Fund VI, LP | Oak Street Real Estate Capital | — | $150M | $90.5M | 18.3% | 1.45x | 0.64x |
| OAKTREE POWER OPPORTUNITIES FUND VI LP | Oaktree | 2021 | $150M | $132.8M | 29.9% | 2.41x | 1.48x |
| OHA CLO Enhanced Equity Fund III, L.P. | OHA | — | $150M | $42.6M | 3.4% | 1.08x | 0.15x |
| Pearl Energy Investments III, LP | Pear | — | $150M | $116.5M | 7.7% | 1.08x | 0.01x |
| PENNYBACKER VI LP | Pennybacker | — | $150M | $49.8M | 5.5% | 1.07x | 0.00x |
| PIMCO Specialty Finance Income Fund, L.P. | PIMCO Specialty Finance Income | — | $150M | — | — | — | — |
| Platform Texas Fund I, LLC | Ti Platform | — | $150M | $126.5M | -7.7% | 0.88x | 0.02x |
| SDC Digital Infrastructure Opportunity Fund IV, L.P. | SDC Capital Partners | — | $150M | $19.4M | -12.3% | 1.08x | 0.31x |
| Sprott Private Resource Lending III (US), LP | Sprott Private Resource Lending | 2023 | $150M | $81.1M | 11.1% | 1.14x | 0.07x |
| Stonepeak Infrastructure Fund III LP | Stonepeak | 2017 | $150M | $179.8M | 8.6% | 1.60x | 0.56x |
| Stonepeak Infrastructure Fund IV | Stonepeak | 2021 | $150M | $123.3M | 10.0% | 1.31x | 0.19x |
| Stonepeak Real Estate Partners, LP | Stonepeak | — | $150M | $78.1M | 15.8% | 1.20x | 0.02x |
| TPG AG Credit Solutions Fund III, L.P. | TPG | 2025 | $150M | $29.4M | 22.4% | 1.22x | — |
| TPG AG Zilker Co-Invest Fund, L.P. | TPG AG Zilker Co-Invest | — | $150M | — | — | — | — |
| Viking Global Equities LP | Viking Global Investors | — | $150M | $148.9M | — | 0.99x | — |
| Virtus Real Estate Capital III, LP | Virtus Real Estate Capital | — | $150M | $182M | 9.1% | 1.33x | 0.24x |
| BG ERISA Fund | BG ERISA | — | $130M | $173.6M | — | 1.34x | — |
| ERA Blade Continuation Fund LP | — | — | $129.9M | $105.7M | 1.8% | 1.02x | — |
| Arrow Zilker Co-Investment SCSP | Arrow Zilker Co-Investment SCSP | — | $125M | — | — | — | — |
| Elda River Opportunities Fund III LLC | Elda River | — | $125M | $67.8M | 24.1% | 1.82x | 1.27x |
| Flagship Pioneering – Origination Fund VII, L.P. | Flagship Ventures | — | $125M | $92.1M | 12.6% | 1.33x | 0.00x |
| H.I.G. Strategic Partners Fund II, L.P. OPPM | H.I.G. Capital | — | $125M | $35M | 2.7% | 1.15x | 0.29x |
| H.I.G. Strategic Partners Fund II, L.P. PD | H.I.G. Capital | — | $125M | $35.1M | 2.7% | 1.15x | 0.29x |
| Kennedy Lewis Senior Loan Fund LP | Kennedy Lewis Senior Loan | — | $125M | $677.7K | — | — | — |
| NGP Natural Resources XII, L.P. | Ngp | 2017 | $125M | $73.4M | 15.4% | 1.58x | 1.03x |
| PSG VI L.P. | PSG Equity | 2023 | $125M | $18.1M | -17.5% | 1.00x | 0.20x |
| Sixth Street TAO Partners (B) (5.0) L.P. | Sixth Street | 2020 | $125M | $103.2M | 11.8% | 1.77x | 0.72x |
| Stockbridge Value Fund V | Stockbridge Capital Group | 2024 | $125M | $70.3M | -0.7% | 1.00x | 0.02x |
Largest 100 of 314 disclosed positions. Source: TMRS Private Investment Performance - 2025-12-31-Private-Investment-Performance. TVPI = total value / paid-in; DPI = distributions / paid-in.