first read march 27

peHUB First Read

This Thursday morning First Read brings you the latest in secondaries fundraising, reasons why the start-up culture is so important and how much Texas Teachers’ invested in private equity last year.

Texas Teachers’ Pledged $1.1B In Fourth Quarter

The giant Texas Teachers’ Retirement System committed more than $1.1 billion to private equity across seven investments in the fourth quarter, with some pledges going to long-time partners and some to new relationships…

Hall Replaces LeBlanc as Texas Teachers’ PE Chief

Filling some big boots, Richard Hall has been promoted to replace Steve LeBlanc as head of private equity for the $110 billion Texas Teachers’ Retirement System, confirmed Howard Goldman, the system’s director of communications. LeBlanc, an innovative private markets chief, is perhaps best known for steering giant separate account deals in which Texas Teachers’ committed $6 billion to Apollo and KKR.

Texas Teachers Hires KKR, Apollo to Manage $6B

As part of a long-term expansion of its private investment program, the $107 billion Texas Teacher Retirement System hired private equity giants Kohlberg Kravis Roberts & Co. and Apollo Global Management to each manage $3 billion of the pension’s assets. Back in June, TRS said it planned to make $7 billion in private equity commitments by 2015.

According to TRS, the arrangements are “fund-of-funds master limited partnership” agreements. It was not clear whether the firms would invest mainly in their own funds or choose and manage outside funds in a conventional fund-of-funds arrangement. If the latter were true, it would mark a departure for both firms. Unlike The Carlyle Group, which recently bought AlpInvest, a large fund-of-funds manager, KKR and Apollo do not, as of yet, have such a capability.

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