Private Equity Program

TRS began investing in private equity strategies in 1983, and currently has nearly $11.2 billion invested to the asset class as of 6/30/2023. The TRS Private Equity Program has a long-term target of 15 percent of the overall TRS portfolio. The program is divided into corporate finance (leveraged buyout and growth capital), venture capital, special situations (distressed and mezzanine debt) and co-investments. The benchmark for the program is the Russell 3000 plus 3 percent.

TRS works with its external private equity consultant, Stepstone Group, to perform due diligence on firms and determine their fit within the program.

Potential managers should contact Stepstone Group at Laura.White@StepstoneGroup.com, complete the Private Equity Program spreadsheet (Excel file) found below, and email the completed summary to Laura.White@StepstoneGroup.com and investments@trsil.org.

Questions may be directed to: investments@trsil.org.

Real Asset Program

TRS began investing in real asset strategies in 1983, and currently has nearly $12.5 billion invested and committed to the asset class as of 6/30/2024. The TRS real asset program has a long-term target of 18 percent of the overall TRS portfolio. The program is divided into real estate which has a long-term target of 16 percent of the overall TRS portfolio and other real assets which has a long-term target of 2 percent of the overall TRS portfolio.

The benchmark for real estate is a blended 50 percent weighting of NCREIF’s Open End Diversified Core Equity (“ODCE”), 18.6 percent weighting to Burgiss Value-Add Global Real Estate and a 31.4 percent weighting to Burgiss Opportunistic Real Estate. The benchmark for other real assets is CPI (inflation) + 5 percent.

TRS works with its external real asset consultant, Stepstone Group, to identify highly desirable firms and to perform due diligence on those firms to determine their fit within the program.

Potential real estate managers should contact Stepstone Group at Jeremy.Goldberg@StepstoneGroup.com, complete the Real Estate Program spreadsheet (Excel file) found below and email the completed summary to: real_estate@trsil.org.

Other potential real asset managers should contact Stepstone Group: Matthew.Moreno@stepstonegroup.com.

Questions may be directed to: real_estate@trsil.org.