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  • April 2014 (Revised October 2015)
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Texas Teachers and the New Texas Way

By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank
  • Format:Print
  • | Language:English
  • | Pages:24
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Abstract

In 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the fifth largest pension fund in the United States into alternative asset classes, Harris felt that TRS shouldn't just participate in private equity funds as a typical limited partner. Rather, under his proposal TRS would offer carefully vetted firms multi-billion dollar investments through a customized fund structure that had fewer allocation mandates than traditional fund structures, and guarantees to reinvest 50% of any investment gains back into the investment vehicle. In exchange, Harris hoped to receive a highly customized compensation structure and gain greater access to investment professionals within the participating firms.

Keywords

Texas; TRS; Texas Teachers; Private Equity; Texas

Citation

Rhodes-Kropf, Matthew, Luis M. Viceira, John D. Dionne, and Nathaniel Burbank. "Texas Teachers and the New Texas Way." Harvard Business School Case 214-091, April 2014. (Revised October 2015.)
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About The Authors

Luis M. Viceira

Finance
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John D. Dionne

Finance
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Related Work

    • April 2014 (Revised October 2015)
    • Faculty Research

    Texas Teachers and the New Texas Way

    By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank
Related Work
  • Texas Teachers and the New Texas Way By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank
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