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Private Markets

Enhancing long-term returns and providing diversification

collage of investing images showing windmills and real estate

Private Markets

Eric Lang

Eric Lang

Senior Managing Director, Private Markets

Private Markets has a global mandate to invest in Private Equity, Real Estate and Energy, Natural Resources & Infrastructure. Our team of more than 70 investment professionals partners with best in class managers through commingled funds, separate accounts, co-investments and direct investments to enhance TRS’ long-term risk-adjusted returns and provide diversification to the overall Trust.


Private Markets has a combined target allocation equal to 33% of the overall Trust. Private Markets includes a 12% target allocation to Private Equity, 15% target allocation to Real Estate, and 6% target allocation to Energy, Natural Resources & Infrastructure. Within Private Equity, we allocate to the following strategies: Buyout and Venture Capital. Within Real Estate, our strategies include Core, Opportunistic, Value-Add, and Special Situations. Within Energy, Natural Resources & Infrastructure, our strategies include Value-Add, Opportunistic and Core.


Private Equity

Neil Randall

Neil Randall

Managing Director, Private Equity
Private equity manages a global portfolio of privately-held companies through commingled funds, separate accounts, co-investments, and direct principal investments. The team focuses on investments in buyouts, growth equity, venture capital, and other capital solutions, gaining exposure to common and preferred stock, convertible securities, debt obligations, and various other instruments.

Real Estate

Grant Walker

Grant Walker

Managing Director, Real Estate
Real Estate​ manages a global portfolio of commercial and residential real estate investments. We are focused on properties in major markets and invest in all property types including office, multi-family, retail, and industrial. Our team participates in both debt and equity investments through commingled funds, separate accounts, co-investments, and direct principal investments.

Energy, Natural Resources & Infrastructure

Carolyn Hansard

Carolyn Hansard

Managing Director, ENRI
Energy, Natural Resources & Infrastructure (ENRI) manages a global portfolio of energy and infrastructure related investments. We invest throughout the energy value chain including upstream, midstream, power and related infrastructure. The portfolio includes investments in both equity and debt through private commingled funds, co-investments, direct principal investments and public markets.

Data Analytics

Tim Koek

Tim Koek

Director, Data Analytics
Private Markets Data Analytics consists of data architects, data scientists, and data analysts who specialize in private markets data. Collectively, the team collects, stores, and transforms raw data into meaningful information, insights, reporting, and dynamic dashboards. This information is used to optimize processes, identify key trends, and enhance decision making. 


Global Presence

In 2015, TRS established the Teacher Retirement Investment Company of Texas (“TRICOT”) in London to maintain a competitive advantage and further deepen relationships with leading private market investors. A London presence provides the following benefits:

  • Increased direct and co-investment deal flow
  • Enhanced risk management from increased knowledge of the market
  • Value-added due diligence capabilities by having an on-the-ground presence
  • Improved response time during our assessment of investment opportunities

TRICOT Backgrounder (pdf)

Interested in Learning More?

Learn more about our investment teams. We also invite you to visit careers and internships for more information about starting your career with the Investment Management Division of TRS. 

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