Teacher Retirement System of Texas

• Key terms related to ESG
• Enacted ESG legislation
• Areas of inquiry and disagreement
• Opposition to ESG
• Federal ESG rules and regulations
• Public pension information by state
• Ballotpedia's ESG legislation tracker
• Economy and Society: Ballotpedia's weekly ESG newsletter
  • Subscribe here

Teacher Retirement System of Texas
Basic facts
Location:	Austin, Texas
Top official:	Jarvis V. Hollingsworth, chairman
Year founded:	1937
Active members:	2,001,974
Website:	Official website
Total assets under management
2023:	$213,472,526,000

See also: Public pensions in Texas

The Teacher Retirement System of Texas is a Texas state pension fund that provides retirement, disability, and survivor benefits to the state's public school, college, and university employees. The Teacher Retirement System of Texas had $213,472,526,000 ($213.4 billion ) in total assets under management as of August 31, 2023.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of the Teacher Retirement System of Texas.
• Pension performance overview: Overview of the funding level and assets managed by the Teachers Retirement System of Texas.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Teacher Retirement System of Texas, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about the Teacher Retirement System of Texas' oversight board, including members and selection.

Background

See also: Public pensions

The Teacher Retirement System of Texas, founded in 1937, invests the assets of and provides funding for the Teacher Retirement System of Texas (TRS) pension plan. TRS operate as defined benefit pension plans based on a formula established by Texas state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's public school teachers, school employees, and their families

The Teachers Retirement System of Texas served over 1,512,053 active members and approximately 489,921 retirees and beneficiaries as of March 2024.

Pension performance overview

The following table features information about the funding level and assets managed by the Teacher Retirement System of Texas as of August 31, 2023:

Teacher Retirement System of Texas pension performance (August 31, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	77%	$26,262,914,000	$213,472,526,000

Assets and asset management

Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”

List of AMCs contracting with the Teacher Retirement System of Texas

The Teachers Retirement System of Texas contracted with 224 asset management companies (AMCs) or specific funds as of August 31, 2023. Of those companies, ten were investor participants in Climate Action 100+, and sixteen were members of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Teachers Retirement System of Texas:

Teachers Retirement System of Texas asset management companies Click on a column header below to sort the list of asset managers.
AMC name	Investment type	Assets under management	Percentage of total fund assets	NZAM Initiative signatory as of October 2024	Climate Action 100+ signatory as of October 2024
10T	Private Equity;			No	No
Abacus Capital Group	Private Equity;			No	No
Aberdeen Asset Management	Private Equity;			No	No
Actis	Private Equity;			Yes	No
Adelphi Capital	Private Equity;			No	No
Advent International	Private Equity;			No	No
Aeolus Capital Management	Private Equity;			No	No
AEW Capital Management	Private Equity;			No	No
AGR Ag Infrastructure (TIAA)	Private Equity;			No	No
Alpine Investors	Private Equity;			No	No
Alterna Capital Partners	Private Equity;			No	No
American Securities Associates	Private Equity;			No	No
Antin Infrastructure Partners	Private Equity;			No	No
Apollo Global Management	Private Equity;			No	No
AQR Capital Management, LLC	Private Equity;			No	No
Aquatic Capital Management LLC	Private Equity;			No	No
Arrowstreet Capital LP	Private Equity;			No	No
Austin Ventures	Private Equity;			No	No
Avenue Capital Management	Private Equity;			No	No
AXA Investment Managers	Private Equity;			Yes	Yes
Bain Capital	Private Equity;			No	No
Baker Brothers Advisors	Private Equity;			No	No
Balyasny Asset Management	Private Equity;			No	No
Banner Oak Capital Partners	Private Equity;			No	No
Baring Asset Management	Private Equity;			No	No
Bayview Asset Management	Private Equity;			No	No
BFAM Partners	Private Equity;			No	No
BlackRock	Private Equity;			Yes	No
Blackstone Group	Private Equity;			No	No
Blackstone Group GSO Capital Partners	Private Equity;			No	No
Blockchain Capital	Private Equity;			No	No
Bluemountain Capital Management	Private Equity;			No	No
Brandes Investment Partners	Private Equity;			No	No
Bridgepoint Capital	Private Equity;			No	No
Bridgewater Associates	Private Equity;			No	No
Brockton Capital	Private Equity;			No	No
Brookfield/Oaktree	Private Equity;			No	No
Cantillon Capital Management	Private Equity;			No	No
Canyon Capital	Private Equity;			No	No
Capri Capital Partners	Private Equity;			No	No
Lightspeed Venture Partners	Private Equity;			No	No
Lindsay Goldberg	Private Equity;			No	No
Lion Capital	Private Equity;			No	No
Lionstone	Private Equity;			No	No
Lone Star	Private Equity;			No	No
Luxor Capital Group	Private Equity;			No	No
Mack Real Estate Group	Private Equity;			No	No
Macquarie Asset Management	Private Equity;			Yes	Yes
Madison Dearborn Partners	Private Equity;			No	No
Madison International Realty	Private Equity;			No	No
Madrone Reinsurance Partners	Private Equity;			No	No
Magnetar	Private Equity;			No	No
Man Group	Private Equity;			No	Yes
Marathon Asset Management	Private Equity;			No	No
Marshall Wace	Private Equity;			No	Yes
Mesarete Capital LLP	Private Equity;			No	No
Millennium Management	Private Equity;			No	No
Monashee Capital	Private Equity;			No	No
Morgan Creek Capital Partners	Private Equity;			No	No
Morgan Stanley	Private Equity;			No	No
Nautic Partners	Private Equity;			No	No
Neuberger Berman	Private Equity;			Yes	Yes
New Enterprise Associates	Private Equity;			No	No
NGP Energy Capital Management	Private Equity;			No	No
Nordic Capital	Private Equity;			No	No
Normandy Real Estate Partners	Private Equity;			No	No
North Island Ventures	Private Equity;			No	No
Oak Investment Partners	Private Equity;			No	No
Oak Street Real Estate Capital	Private Equity;			No	No
Oakley Capital Limited	Private Equity;			No	No
Oasis Management Co Ltd	Private Equity;			No	No
Onex Corporation	Private Equity;			No	No
Orchard Asia	Private Equity;			No	No
Orchard Global Asset Management	Private Equity;			No	No
Oxbow Capital Management	Private Equity;			No	No
Pacific Coast Capital Partners	Private Equity;			No	No
Pacific Investment Management Company LLC	Private Equity;			No	No
PAG Investment Advisors	Private Equity;			No	No
PAI Partners	Private Equity;			No	No
Paine Schwartz Partners	Private Equity;			No	No
Carlyle Group	Private Equity;			No	No
Carrhae Capital LLC	Private Equity;			No	No
Caxton Associates LP	Private Equity;			No	No
CBRE Global Investors	Private Equity;			Yes	No
CCMP Capital Advisors	Private Equity;			No	No
Cerberus Capital Management	Private Equity;			No	No
Certares Management	Private Equity;			No	No
Charterhouse Group	Private Equity;			No	No
CIFC Asset Management	Private Equity;			No	No
CIM Group	Private Equity;			Yes	No
Cinven Capital Management	Private Equity;			No	No
Citadel Welligton LLC	Private Equity;			No	No
Clayton Dubilier & Rice	Private Equity;			No	No
Clearlake Capital Group	Private Equity;			No	No
CLSA Capital Partners	Private Equity;			No	No
CoinFund	Private Equity;			No	No
Colony Capital	Private Equity;			No	No
Crestview Advisors	Private Equity;			No	No
CVC Capital Partners	Private Equity;			No	No
Deer Park Road Corporation	Private Equity;			No	No
Digital Colony (DigitalBridge) Management	Private Equity;			No	No
Distributed Global	Private Equity;			No	No
DivcoWest	Private Equity;			No	No
Echo Minerals	Private Equity;			No	No
EIG Energy Partners	Private Equity;			No	No
EIV Capital	Private Equity;			No	No
Element Capital Management LLC	Private Equity;			No	No
Elliott Investment Management	Private Equity;			No	No
EnCap/EnCap Flatrock	Private Equity;			No	No
Energy Capital Partners	Private Equity;			No	No
EQT/BPEA	Private Equity;			No	No
Equity International Management	Private Equity;			No	No
ExodusPoint Capital Management LP	Private Equity;			No	No
Falfurrias Capital Partners	Private Equity;			No	No
Fir Tree Partners	Private Equity;			No	No
First Reserve	Private Equity;			No	No
Five Mile Capital Partners	Private Equity;			No	No
Formentera Partners, LP	Private Equity;			No	No
Fortress Investment Group	Private Equity;			No	No
Forum Partners	Private Equity;			No	No
Patria Investimentos	Private Equity;			No	No
Pavus Asset Management	Private Equity;			No	No
PDT Partners	Private Equity;			No	No
Peak Rock Capital	Private Equity;			No	No
Pennybacker Capital	Private Equity;			No	No
Permira	Private Equity;			No	No
Pershing Square Capital	Private Equity;			No	No
PGIM Real Estate	Private Equity;			No	No
Pharo Management	Private Equity;			No	No
Pickering Energy Partners	Private Equity;			No	No
Platinum Equity	Private Equity;			No	No
Polaris Venture Partners	Private Equity;			No	No
Polymer Capital Management	Private Equity;			Yes	Yes
Principal Global Investors	Private Equity;			No	No
Providence Equity Partners	Private Equity;			No	No
Providence Strategic Growth Capital Partners	Private Equity;			No	No
QEP Advisers LLC	Private Equity;			No	No
Quad-C Management	Private Equity;			No	No
Related Fund Management	Private Equity;			No	No
RenaissanceRe Fund Management	Private Equity;			No	No
Reservoir Capital Group	Private Equity;			No	No
REVCAP Advisors	Private Equity;			No	No
Ridgewood Energy	Private Equity;			Yes	No
Riverstone Holdings	Private Equity;			No	No
Roark Capital Group	Private Equity;			No	No
Rock Creek Group	Private Equity;			No	No
Senator Investment Group	Private Equity;			No	No
Silver Lake Partners	Private Equity;			No	No
Sixth Street Partners	Private Equity;			No	No
Soroban Capital Partners	Private Equity;			No	No
Starboard	Private Equity;			No	No
Stark Investments	Private Equity;			No	No
Starwood Capital Group	Private Equity;			No	No
SteelRiver Infrastructure Partners	Private Equity;			No	No
Stockbridge Capital Group	Private Equity;			No	No
Stonepeak Partners	Private Equity;			Yes	No
Stratford Company	Private Equity;			No	No
Systematica Investment Management	Private Equity;			No	No
TA Associates	Private Equity;			No	No
Teays River Investment	Private Equity;			No	No
Galaxy Digital Capital Management LP	Private Equity;			No	No
GCM Grosvenor	Private Equity;			No	No
General Catalyst Group Management, LLC	Private Equity;			No	No
Global Infrastructure Partners	Private Equity;			No	No
Goldman Sachs	Private Equity;			No	Yes
Gores Group	Private Equity;			No	No
Great Hill Equity Partners	Private Equity;			No	No
Green Court Capital	Private Equity;			No	No
Greenbelt Capital Partners	Private Equity;			No	No
Greenbriar Equity Group	Private Equity;			No	No
GreenPoint Group, LP	Private Equity;			No	No
Greystar Real Estate Partners	Private Equity;			No	No
Groupe Alpha Accueil	Private Equity;			No	No
GTCR	Private Equity;			No	No
Halcyon Capital	Private Equity;			No	Yes
Harrison Street	Private Equity;			No	No
Hawkeye Partners	Private Equity;			No	No
Heitman Capital Management	Private Equity;			No	No
Hellman & Friedman	Private Equity;			No	No
Hg	Private Equity;			Yes	No
Highland Capital Partners	Private Equity;			No	No
Hillhouse China Limited Partnership	Private Equity;			No	No
Hines	Private Equity;			No	No
Hony Capital	Private Equity;			No	No
Horizon Asset Management	Private Equity;			No	No
HPS Investment Partners	Private Equity;			No	No
I Squared Capital	Private Equity;			No	No
IDR Investment Management	Private Equity;			No	No
InfraVia Capital Partners	Private Equity;			No	No
Insight Partners	Private Equity;			No	Yes
Invesco	Private Equity;			Yes	No
Iron Point Partners	Private Equity;			No	No
J.H. Whitney & Co	Private Equity;			No	No
JP Morgan Investment Management	Private Equity;			Yes	No
Kelso & Company	Private Equity;			No	No
King Street Capital Management	Private Equity;			No	No
Kohlberg Kravis Roberts & Co	Private Equity;			No	No
LaSalle Investment Management	Private Equity;			Yes	No
Lead Edge Capital	Private Equity;			No	No
Leonard Green & Partners	Private Equity;			No	No
Theleme Partners LLP	Private Equity;			No	No
Thoma Bravo	Private Equity;			No	No
Tilden Park Investment Management	Private Equity;			No	No
TPG Capital	Private Equity;			No	No
Tricon Capital Group	Private Equity;			No	No
Trinsic Residential Group	Private Equity;			No	No
Tristan Capital Partners	Private Equity;			No	No
Triton Capital Partners	Private Equity;			No	No
Two Sigma Investments	Private Equity;			No	No
USAA Real Estate/Square Mile	Private Equity;			No	No
Valeas Capital Partners	Private Equity;			No	No
Vaughan Nelson	Private Equity;			No	No
Verition	Private Equity;			No	No
Vista Equity Partners	Private Equity;			Yes	No
Voss Capital	Private Equity;			No	No
Walton Street Capital	Private Equity;			No	No
Warburg Pincus	Private Equity;			No	No
Wayzata Investment Partners	Private Equity;			No	No
Wellington	Private Equity;			Yes	Yes
Westbrook Partners	Private Equity;			No	No
Wheelock Street Capital	Private Equity;			No	No
Whitebox Advisors	Private Equity;			No	No
WindAcre	Private Equity;			No	No
Wolverine Asset Management	Private Equity;			No	No

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Teacher Retirement System of Texas. The board is specific to oversight of the Teacher Retirement System of Texas and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees the Teacher Retirement System of Texas is made up of nine members. Three trustees are direct appointments of the governor. Two trustees are appointed by the governor from a list prepared by the State Board of Education. Two trustees are appointed by the governor from the three public school district member candidates who have been nominated for each position by employees of public school districts. One trustee is appointed by the governor from the three retired member candidates who are nominated by retired TRS members. One trustee is appointed by the governor from the three at-large candidates who have been nominated for the position.

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of the Teacher Retirement System of Texas. The following individuals served on the board as of April 2024:

• Jarvis V. Hollingsworth, chairman
• Nannette Sisney, vice chair
• Brittny Allred
• Michael Ball
• David Corpus
• John Elliot
• James Dick Nance
• Robert H. Walls Jr.
• Elvis Williams

See also

• Public pensions in Texas
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

External links

• Search Google News for this topic

Footnotes

Ballotpedia

About

Overview • What people are saying • Support Ballotpedia • Contact • Contribute • Job opportunities

---

Executive: Leslie Graves, Founder and CEO • Gwen Beattie, Chief Operating Officer

Communications: Alison Graves, Director of Communications • Carley Allensworth • Abigail Campbell • Frank Festa • Sarah Groat • Nathaniel Harwood • Dillon Redmond • Erica Shumaker
External Relations: Geoff Pallay, Director of External Relations • Ken Carbullido, Vice President of Election Product and Technology Strategy • Ashley Fleming • Thomas Mardik • Hannah Nelson
Operations: Meghann Olshefski, Director of Operations • Amanda Herbert • Mandy Morris • Caroline Presnell • Kelly Rindfleisch
Tech: Matt Latourelle, Director of Technology Operations • Ryan Burch • Kirsten Corrao • Beth Dellea • Travis Eden • Tate Kamish • Margaret Kearney • Eric Lotto • Joseph Sanchez • Mary Susmitha

Contributors: Scott Rasmussen

---

Editorial Content

Josh Altic, Director of Content • Daniel Anderson, Associate Director of Elections & Data • Cory Eucalitto, Associate Director of Features • Ryan Byrne, Managing Editor of Ballot Measures • Mandy McConnell, Managing Editor of News • Doug Kronaizl, Managing Editor of Local Expansion • Abbey Smith, Managing Editor of Elections • Janie Valentine, Managing Editor of Law • Joel Williams. Managing Editor of Events • Andrew Bahl • Jaclyn Beran • Marielle Bricker • Joseph Brusgard • Emma Burlingame • Kelly Coyle • Jon Dunn • Thomas Ellis • Nicole Fisher • Joseph Greaney • Thomas Grobben • Brianna Hosea • Molly Kehoe • Tyler King • Glorie Martinez • Norm Leahy, Senior Editor • Nathan Maxwell • Jimmy McAllister • Brandon McCauley • Ellie Mikus • Ellen Morrissey • Mackenzie Murphy • Kaley Platek • Samantha Post • Adam Powell • Annelise Reinwald • Ethan Rice • Spencer Richardson • Victoria Rose • Briana Ryan • Myj Saintyl • Maddy Salucka • Emma Soukup • Alexis Thacker • Mina Vogel • Samuel Wonacott • Trenton Woodcox