Texas TRS Targets $5B Shift From Cash; QIA-JPMorgan Ink $20B Deal

Texas TRS Targets $5B Shift From Cash

QIA-JPMorgan Ink $20B Deal

The Teacher Retirement System of Texas is preparing to move more than $5B of its TRS-Care health care reserves out of cash and into a liquid portfolio of investment-grade credit, Treasuries, TIPS and global equity, screening private markets out of the mandate entirely. Trustees are set to receive a final investment policy recommendation in December, with a board decision expected in February 2027 and the first investment targeted for September 2027.

Among other US allocators, Los Angeles County Employees Retirement Association approved $275M across two private markets commitments, including a co-investment alongside AE Industrial Partners and a commitment to Energy Capital Partners VI, which closed in August at $8.1B. Elsewhere, Qatar Investment Authority and J.P. Morgan Asset Management signed a memorandum of understanding to establish a $20B strategic partnership, comprising a $15B public equities mandate and a separate $5B private markets initiative focused on senior financing for US middle-market companies.

On the GP fundraising side, Town Lane Management is targeting $1.5B for Town Lane Real Estate Opportunities Fund II, with a $1.9B hard cap and a first close of roughly $1.6B expected later this month; and Qualitas Energy is targeting €3.25B ($3.74B) for its sixth flagship vehicle, Qualitas Energy Fund VI, and has opened a Munich office to expand its German origination capabilities.

In people news, Darwin Bozek, president and CEO of the Ontario Pension Board, will retire at the end of January 2027, prompting a search for his successor; GIC hired Sheng Tan as portfolio manager for credit from HESTA, where he most recently served as investment manager for global debt and alternative credit; and Australian Retirement Trust promoted Anika Choudhury to senior portfolio manager for private equity.