The $26.2 billion retirement scheme committed $87.5 million to Landmark Equity Partners XVI and $62.5 million to Landmark TX ERS Co-Investment Fund II, according to data released by the pension fund on Wednesday.
The co-investment vehicle is the second between Landmark and ERS, following a dedicated co-investment fund established in October 2014, according to PEI data. ERS’s investment policy states it cannot invest more than $50 million in a co-investment vehicle without approval from the board of trustees.
The investments continue a relationship which began in 2014 when ERS committed $175 million to Landmark Equity Partners XV and $125 million to Landmark TX ERS Co-Investment Fund I.
Prior to these two investments, ERS’s commitments with Landmark comprised 8.6 percent of its private equity investments, its second largest relationship with any general partner.
The pension fund has also backed a $15 million co-investment alongside London-headquartered secondaries firm Headway Capital Partners on a deal from the firm’s third fund at the end of 2016, according to a source.
ERS said in an update to its investment policies last year that beginning in fiscal year 2017 it would evaluate co-investments with GPs in which it did not have a current relationship. The pension plan has not previously invested in a Headway fund.