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 Employees Retirement System
State retirement systemstate generalTX
Assets
$38B
Total assets, Jun 30, 2024 reported
Funded
n/a
not filed
Private markets target
46.0%
policy Aug 31, 2025
Commitments
0
none on the tape
Allocation policy
ACFR, as of Aug 31, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash & Equivalents | Cash | 2.0% | reported ers.texas.gov | |||
| Rates | Fixed income | 12.0% | reported ers.texas.gov | |||
| Hedge Funds | Hedge / diversifiers | 6.0% | reported ers.texas.gov | |||
| Private Infrastructure | Infrastructure | 6.0% | reported ers.texas.gov | |||
| Private Credit | Private credit | 3.0% | reported ers.texas.gov | |||
| Public Credit | Private credit | 9.0% | reported ers.texas.gov | |||
| Special Situations | Private credit | 0.0% | reported ers.texas.gov | |||
| Private Equity | Private equity | 16.0% | reported ers.texas.gov | |||
| Public Equity | Public equity | 35.0% | reported ers.texas.gov | |||
| Private Real Estate | Real estate | 9.0% | 4% to 14% | reported ers.texas.gov | ||
| Public Real Estate | Real estate | 3.0% | reported ers.texas.gov |
Consultants and advisers
4 firms
- Albourne America LLC General consultantthrough Aug 31, 2025 ACFR
- Aksia LLC General consultantthrough Aug 31, 2025 ACFR
- Gabriel, Roeder, Smith & Company Actuarythrough Aug 31, 2025 ACFR
- Rudd and Wisdom Inc Actuarythrough Aug 31, 2025 ACFR
People
2 roles
- Laurie L. Dotter Chair, Investment Advisory CommitteeCommittee chair
- Ruby Muñoz Dang Vice-Chair, Investment Advisory CommitteeCommittee chair
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
57 readings
What changed
16 events
- May 19, 2026Manager terminatedEmployees Retirement System of Texas (ERS) terminates Fidelity (international equity)with Fidelity Investmentsagendasuite.org
- May 19, 2026Search openedEmployees Retirement System of Texas (ERS) opens a U.S. small cap equity search
- May 19, 2026Manager terminatedEmployees Retirement System of Texas (ERS) terminates Vanguard (U.S. large-cap equity)with Vanguardagendasuite.org
- Mar 4, 2026Search openedEmployees Retirement System of Texas (ERS) opens a Third-party administrative services and advisory services for the Texa$averSM 401(k)/457 Program search
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Credit
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Equity
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Real Estate
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Infrastructure
- Aug 20, 2025Search openedEmployees Retirement System of Texas (ERS) opens a money market fund search
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Investment Policy Statement
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Public Equity benchmark
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Markets Capital Plan (Private Equity, Private Real Estate, Private Infrastructure, Private Credit)
- Jun 30, 2024Assets changedTexas Employees Retirement System total assets $33.7B -> $37.5B (+11.6%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedTexas Employees Retirement System fiduciary net position $34.0B -> $37.5B (+10.1%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedTexas Employees Retirement System fiduciary net position $32.0B -> $34.0B (+6.5%, 2022-06-30 to 2023-06-30)
- Jun 30, 2023Assets changedTexas Employees Retirement System total assets $31.6B -> $33.7B (+6.6%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 226296
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.