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 Estate Program

TRS began investing in real estate strategies in 1983, and currently has nearly $10.5 billion invested and committed to the asset class as of 6/30/2023. The TRS real estate program has a long-term target of 16 percent of the overall TRS portfolio. The program is divided into core, value add and opportunistic strategies. The portfolio is diversified both by investment vehicle (direct investing and commingled funds) and property type (office, industrial, retail, multifamily, hotel, other) with up to 20 percent of the program targeted for international strategies. The hurdle rates are 5 percent real return for core and 7 percent real return for specialty with 2 percent additional hurdle if leverage is utilized. 

The benchmark for the program is a blended 8 percent weighting of NCREIF’s Open End Diversified Core Equity (“ODCE”), 3 percent weighting to Burgiss Value-Add Global Real Estate and a 5 percent weighting to Burgiss Opportunistic Real Estate.

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

Potential 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.

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