DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
State retirement system
Texas Municipal Retirement System
State retirement systemmunicipalTX
Assets
$49B
Fiduciary net position, Dec 31, 2025 reported
Funded
n/a
not filed
Private markets target
59.0%
policy Dec 31, 2025
Commitments
29
29 dated closings
Allocation policy
ACFR, as of Dec 31, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash Equivalents | Cash | 0.0% | reported tmrs.com | |||
| Tactical Opportunities | Hedge / diversifiers | 6.0% | 0% to 11% | reported tmrs.com | ||
| Credit | Private credit | 21.0% | 16% to 26% | reported tmrs.com | ||
| Private Equity | Private equity | 20.0% | 10% to 25% | reported tmrs.com | ||
| Public Equity | Public equity | 35.0% | 25% to 45% | reported tmrs.com | ||
| Real Assets | Real assets | 18.0% | 13% to 23% | reported tmrs.com |
Consultants and advisers
3 firms
- Weaver and Tidwell, LLP General consultantthrough Dec 11, 2025 Board minutes
- Nepc, LLC General consultantthrough Dec 31, 2025 ACFR
- Albourne America LLC General consultantthrough Dec 31, 2025 ACFR
People
3 roles
Chief investment officer
- Darren Schlissel Managing Director - CreditAsset-class head
- Debbie Muñoz Executive DirectorExecutive director / CEO
Manager roster
6 managers on the commitment tape
From the plan’s own commitment disclosures
- Hunter Point Capital LP2 rows, $225M, latest Apr 28, 2025
- Northern Trust Investments1 rows, 1 re-ups, $3.5B, latest Jan 16, 2025
- Northern Trust Investments, Incorporated1 rows, 1 re-ups, $3.5B, latest Jan 16, 2025
- Aspirity Partners LLP1 rows, $58.7M, latest Sep 5, 2025
- Biospring Management, LLC1 rows, $50.0M, latest Jun 11, 2025
- Excelsior Partners Limited1 rows, 1 re-ups, $50.0M, latest May 9, 2025
Commitments
29 rows, 29 dated closings
Dated closings (the plan’s own date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | PIMCO Specialty Finance Income Fund, L.P. | PIMCO | Private credit | $150M | Committed (dated)re-up | tmrs.com | |
| Sep 5, 2025 | Aspirity Partners LLP | Aspirity Partners LLP | Private equity | $58.7M | Committed (dated)new manager | tmrs.com | |
| Sep 1, 2025 | Viking Global Equities LP separate accountseparate account | Viking Global Equities LP | Hedge / diversifiers | $150M | Committed (dated)new manager | tmrs.com | |
| Aug 15, 2025 | Curewell Capital I | unresolved | Private equity | $100M | Committed (dated)new manager | tmrs.com | |
| Aug 6, 2025 | ERA Blade Continuation Fund | unresolved | Real assets | $130M | Committed (dated)re-up | tmrs.com | |
| Jul 24, 2025 | MW TOPS World Equities (US) Fund | unresolved | Public equity | $200M | Committed (dated)re-up | tmrs.com | |
| Jun 30, 2025 | TPG AG Credit Solutions Fund III, L.P. | TPG AG | Private credit | $150M | Committed (dated)re-up | tmrs.com | |
| Jun 20, 2025 | NorthPoint Industrial Fund VII, LP | NorthPoint | Real assets | $100M | Committed (dated)new manager | tmrs.com | |
| Jun 11, 2025 | Biospring Partners Fund II | Biospring Management, LLC | Private equity | $50.0M | Committed (dated)new manager | tmrs.com | |
| Jun 5, 2025 | ERA Infra Fund II LP | ERA | Real assets | $100M | Committed (dated)re-up | tmrs.com | |
| May 9, 2025 | Excelsior Renewable Energy Feeder Fund II-B LP | Excelsior Partners Limited | Real assets | $50.0M | Committed (dated)re-up | tmrs.com | |
| May 7, 2025 | OHA CLO Co-invest SMAco investment | OHA | Private credit | $50.0M | Committed (dated)re-up | tmrs.com | |
| Apr 30, 2025 | KLCP Domestic Fund IV LP | KLCP | Private credit | $150M | Committed (dated)new manager | tmrs.com | |
| Apr 30, 2025 | Kennedy Lewis Senior Loan Fund LP | Kennedy Lewis | Private credit | $125M | Committed (dated)new manager | tmrs.com | |
| Apr 30, 2025 | KLCP Co-Inv Domestic Fund IV LPco investment | KLCP | Private credit | $75.0M | Committed (dated)new manager | tmrs.com | |
| Apr 28, 2025 | HPC GPFS Co-Invest (Zilker), L.P.co investment | Hunter Point Capital LP | Private credit | $150M | Committed (dated)new manager | tmrs.com | |
| Apr 24, 2025 | Hunter Point Capital GPFS – Preferred (Onshore), L.P. | Hunter Point Capital LP | Private credit | $75.0M | Committed (dated)new manager | tmrs.com | |
| Apr 14, 2025 | Public Pension Capital, LLC separate accountseparate account | Public Pension Capital, LLC | Private equity | $50.0M | Committed (dated)re-up | tmrs.com | |
| Mar 25, 2025 | BlackChamber Real Estate Opportunity Fund II, LP | BlackChamber | Real assets | $100M | Committed (dated)re-up | tmrs.com | |
| Mar 25, 2025 | BlackChamber Real Estate Opportunity Fund II, LP | BlackChamber Real Estate Opportunity Fund II, LP | Real assets | $100M | Committed (dated)re-up | tmrs.com | |
| Jan 31, 2025 | Pearl Energy Investment IV, L.P. | Pearl Energy Investment IV, L.P. | Real assets | $100M | Committed (dated)re-up | tmrs.com | |
| Jan 31, 2025 | Pearl Energy Investment IV, L.P. | Pearl Energy Investment IV, L.P. | Real assets | $100M | Committed (dated)re-up | tmrs.com | |
| Jan 24, 2025 | Dimensional Fund Advisors separate accountseparate account | Dimensional Fund Advisors | Public equity | $250M | Committed (dated)new manager | tmrs.com | |
| Jan 24, 2025 | BCIS El Dorado Investors, L.P. | BCIS El Dorado Investors, L.P. | Private equity | $2.1M | Committed (dated)re-up | tmrs.com | |
| Jan 24, 2025 | BCIS El Dorado Investors, L.P. | BCIS El Dorado Investors, L.P. | Private equity | $2.1M | Committed (dated)re-up | tmrs.com | |
| Jan 16, 2025 | Northern Trust Investments, Inc. separate accountseparate account | Northern Trust Investments | Public equity | $3.5B | Committed (dated)re-up | tmrs.com | |
| Jan 16, 2025 | Northern Trust MSCI ACWI ex-US ex-China ex-Hong Kong IMI | Northern Trust Investments, Incorporated | Public equity | $3.5B | Committed (dated)re-up | tmrs.com | |
| Jan 10, 2025 | Pioneer Zilker PV1 SCSp | Pioneer Zilker PV1 SCSp | Real assets | $102M | Committed (dated)re-up | tmrs.com | |
| Jan 10, 2025 | Pioneer Zilker PV1 SCSp | Pioneer Zilker PV1 SCSp | Real assets | $102M | Committed (dated)re-up | tmrs.com |
Size and funding
48 readings
Fiduciary net position
$40B (2024-06) · $36B (2023-06) · $36B (2022-06)
Discount rate
Commitment history
25 decisions the board record started
One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.
| Vehicle | Manager | Amount | State | Proposed | Approved | Closed | First reported | Other LPs |
|---|---|---|---|---|---|---|---|---|
| PIMCO Specialty Finance Income Fund, L.P. | n/a | $150M | closed | - | - | Sep 30, 2025 | - | - |
| Aspirity Partners LLP | Aspirity Partners LLP | $58.7M | closed | - | - | Sep 5, 2025 | - | - |
| Viking Global Equities LP separate account | n/a | $150M | closed | - | - | Sep 1, 2025 | - | - |
| Curewell Capital I | n/a | $100M | closed | - | - | Aug 15, 2025 | - | - |
| ERA Blade Continuation Fund | n/a | $130M | closed | - | - | Aug 6, 2025 | - | - |
| MW TOPS World Equities (US) Fund | n/a | $200M | closed | - | - | Jul 24, 2025 | - | - |
| TPG AG Credit Solutions Fund III, L.P. | n/a | $150M | closed | - | - | Jun 30, 2025 | - | - |
| NorthPoint Industrial Fund VII, LP | n/a | $100M | closed | - | - | Jun 20, 2025 | - | - |
| Biospring Partners Fund II, L.P. | Biospring Management, LLC | $50.0M | closed | - | - | Jun 11, 2025 | - | 1 |
| ERA Infra Fund II LP | n/a | $100M | closed | - | - | Jun 5, 2025 | - | - |
| Excelsior Renewable Energy Feeder Fund II-B LP | Excelsior Partners Limited | $50.0M | closed | - | - | May 9, 2025 | - | - |
| OHA CLO Co-invest SMA | n/a | $50.0M | closed | - | - | May 7, 2025 | - | - |
| KLCP Domestic Fund IV LP | n/a | $150M | closed | - | - | Apr 30, 2025 | - | - |
| Kennedy Lewis Senior Loan Fund LP | n/a | $125M | closed | - | - | Apr 30, 2025 | - | - |
| KLCP Co-Inv Domestic Fund IV LP | n/a | $75.0M | closed | - | - | Apr 30, 2025 | - | - |
| HPC GPFS Co-Invest (Zilker), L.P. | Hunter Point Capital LP | $150M | closed | - | - | Apr 28, 2025 | - | - |
| Hunter Point Capital GPFS – Preferred (Onshore), L.P. | Hunter Point Capital LP | $75.0M | closed | - | - | Apr 24, 2025 | - | - |
| Public Pension Capital, LLC separate account | n/a | $50.0M | closed | - | - | Apr 14, 2025 | - | - |
| BlackChamber Real Estate Opportunity Fund II, LP | n/a | $100M | closed | - | - | Mar 25, 2025 | - | - |
| Pearl Energy Investment IV, L.P. | n/a | $100M | closed | - | - | Jan 31, 2025 | - | - |
| Dimensional Fund Advisors separate account | n/a | $250M | closed | - | - | Jan 24, 2025 | - | - |
| BCIS El Dorado Investors, L.P. | n/a | $2.1M | closed | - | - | Jan 24, 2025 | - | - |
| Northern Trust MSCI ACWI ex-US ex-China ex-Hong Kong IMI | Northern Trust Investments, Incorporated | $3.5B | closed | - | - | Jan 16, 2025 | - | - |
| Northern Trust Investments, Inc. separate account | Northern Trust Investments | $3.5B | closed | - | - | Jan 16, 2025 | - | - |
| Pioneer Zilker PV1 SCSp | n/a | $102M | closed | - | - | Jan 10, 2025 | - | - |
What changed
44 events
- Dec 11, 2025Consultant changedTexas Municipal Retirement System (TMRS) selects Weaver and Tidwell, LLP as general consultantwith Weaver and Tidwell, LLPtmrs.com
- Dec 11, 2025Policy updatedTexas Municipal Retirement System (TMRS) adopts a policy change (see the minutes)
- Oct 2, 2025Consultant changedTexas Municipal Retirement System (TMRS) considers Klausner, Kaufman, Jensen & Levinson as general consultantwith Klausner, Kaufman, Jensen & Levinsontmrs.com
- Sep 30, 2025Commitment closedTexas Municipal Retirement System commits $150M to PIMCO Specialty Finance Income Fund, L.P., closed 2025-09-30
- Sep 18, 2025Manager selectedTexas Municipal Retirement System (TMRS) selects GCM Grosvenor in the co-investment searchwith GCM Grosvenortmrs.com
- Sep 5, 2025New managerTexas Municipal Retirement System backs Aspirity Partners LLP for the first time: $59M to Aspirity Partners LLP (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Sep 5, 2025Commitment closedTexas Municipal Retirement System commits $59M to Aspirity Partners LLP, closed 2025-09-05with Aspirity Partners LLPtmrs.com
- Sep 1, 2025Commitment closedTexas Municipal Retirement System commits $150M to Viking Global Equities LP separate account, closed 2025-09-01
- Aug 15, 2025Commitment closedTexas Municipal Retirement System commits $100M to Curewell Capital I, closed 2025-08-15
- Aug 6, 2025Commitment closedTexas Municipal Retirement System commits $130M to ERA Blade Continuation Fund, closed 2025-08-06
- Jul 24, 2025Commitment closedTexas Municipal Retirement System commits $200M to MW TOPS World Equities (US) Fund, closed 2025-07-24
- Jun 30, 2025Commitment closedTexas Municipal Retirement System commits $150M to TPG AG Credit Solutions Fund III, L.P., closed 2025-06-30
- Jun 20, 2025Commitment closedTexas Municipal Retirement System commits $100M to NorthPoint Industrial Fund VII, LP, closed 2025-06-20
- Jun 11, 2025New managerTexas Municipal Retirement System backs Biospring Management, LLC for the first time: $50M to Biospring Partners Fund II (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Jun 11, 2025Commitment closedTexas Municipal Retirement System commits $50M to Biospring Partners Fund II, closed 2025-06-11
- Jun 5, 2025Commitment closedTexas Municipal Retirement System commits $100M to ERA Infra Fund II LP, closed 2025-06-05
- May 9, 2025Re-upTexas Municipal Retirement System re-ups with Excelsior Partners Limited: $50M to Excelsior Renewable Energy Feeder Fund II-B LP (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- May 9, 2025Commitment closedTexas Municipal Retirement System commits $50M to Excelsior Renewable Energy Feeder Fund II-B LP (Excelsior Partners Limited), closed 2025-05-09with Excelsior Partners Limitedtmrs.com
- May 7, 2025Commitment closedTexas Municipal Retirement System commits $50M to OHA CLO Co-invest SMA, closed 2025-05-07
- Apr 30, 2025Commitment closedTexas Municipal Retirement System commits $150M to KLCP Domestic Fund IV LP, closed 2025-04-30
- Apr 30, 2025Commitment closedTexas Municipal Retirement System commits $125M to Kennedy Lewis Senior Loan Fund LP, closed 2025-04-30
- Apr 30, 2025Commitment closedTexas Municipal Retirement System commits $75M to KLCP Co-Inv Domestic Fund IV LP, closed 2025-04-30
- Apr 28, 2025Commitment closedTexas Municipal Retirement System commits $150M to HPC GPFS Co-Invest (Zilker), L.P. (Hunter Point Capital LP), closed 2025-04-28with Hunter Point Capital LPtmrs.com
- Apr 28, 2025New managerTexas Municipal Retirement System backs Hunter Point Capital LP for the first time: $150M to HPC GPFS Co-Invest (Zilker), L.P. (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Apr 24, 2025New managerTexas Municipal Retirement System backs Hunter Point Capital LP for the first time: $75M to Hunter Point Capital GPFS – Preferred (Onshore), L.P. (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Apr 24, 2025Commitment closedTexas Municipal Retirement System commits $75M to Hunter Point Capital GPFS – Preferred (Onshore), L.P. (Hunter Point Capital LP), closed 2025-04-24with Hunter Point Capital LPtmrs.com
- Apr 14, 2025Commitment closedTexas Municipal Retirement System commits $50M to Public Pension Capital, LLC separate account, closed 2025-04-14
- Mar 25, 2025Commitment closedTexas Municipal Retirement System commits $100M to BlackChamber Real Estate Opportunity Fund II, LP, closed 2025-03-25
- Mar 25, 2025Commitment closedTexas Municipal Retirement System commits $100M to BlackChamber Real Estate Opportunity Fund II, LP, closed 2025-03-25
- Jan 31, 2025Commitment closedTexas Municipal Retirement System commits $100M to Pearl Energy Investment IV, L.P., closed 2025-01-31
- Jan 31, 2025Commitment closedTexas Municipal Retirement System commits $100M to Pearl Energy Investment IV, L.P., closed 2025-01-31
- Jan 24, 2025Commitment closedTexas Municipal Retirement System commits $2M to BCIS El Dorado Investors, L.P., closed 2025-01-24
- Jan 24, 2025Commitment closedTexas Municipal Retirement System commits $2M to BCIS El Dorado Investors, L.P., closed 2025-01-24
- Jan 24, 2025Commitment closedTexas Municipal Retirement System commits $250M to Dimensional Fund Advisors separate account, closed 2025-01-24
- Jan 24, 2025Commitment closedTexas Municipal Retirement System commits $250M to Dimensional Fund Advisors LP separate account, closed 2025-01-24
- Jan 16, 2025Commitment closedTexas Municipal Retirement System commits $3.5B to Northern Trust MSCI ACWI ex-US ex-China ex-Hong Kong IMI (Northern Trust Investments, Incorporated), closed 2025-01-16with Northern Trust Investments, Incorporatedtmrs.com
- Jan 16, 2025Re-upTexas Municipal Retirement System re-ups with Northern Trust Investments: $3.5B to Northern Trust Investments, Inc. separate account (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Jan 16, 2025Re-upTexas Municipal Retirement System re-ups with Northern Trust Investments, Incorporated: $3.5B to Northern Trust MSCI ACWI ex-US ex-China ex-Hong Kong IMI (the minutes' own words)with Texas Municipal Retirement Systemtmrs.com
- Jan 16, 2025Commitment closedTexas Municipal Retirement System commits $3.5B to Northern Trust Investments, Inc. separate account, closed 2025-01-16with Northern Trust Investmentstmrs.com
- Jan 10, 2025Commitment closedTexas Municipal Retirement System commits $102M to Pioneer Zilker PV1 SCSp, closed 2025-01-10
- Jan 10, 2025Commitment closedTexas Municipal Retirement System commits $102M to Pioneer Zilker PV1 SCSp, closed 2025-01-10
- Jun 30, 2024Assets changedTexas Municipal Retirement System total assets $35.5B -> $39.3B (+10.7%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedTexas Municipal Retirement System fiduciary net position $35.6B -> $40.4B (+13.4%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedTexas Municipal Retirement System total assets $38.8B -> $35.5B (-8.5%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 227397
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.