Teacher Retirement System of Texas (TRS) has hired GCM Grosvenor to run a $250m (€221m) mandate focused on value-add infrastructure investments in the US.
The pension fund told IPE Real Assets that it would have approval rights on every investment.
GCM Grosvenor Capital Management declined to comment.
The Texas Direct Infrastructure Program, a fund set up exclusively for TRS, will look at traditional infrastructure assets as well as digital, renewable power, energy transition and social, according to sources familiar with the matter.
TRS is also investing €80m in a co-investment vehicle established by Antin Infrastructure Partners.
The pension fund said AIP Co-Invest was not tied to any specific fund managed by Antin but would be focused on value-add assets in developed markets globally.