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Texas Teachers expands with Asia funds of funds


The Teachers' Retirement System of Texas continues to expand its alternative investment programme with a $200 million allocation to funds of funds.

Morgan Creek Capital Management and Squadron Capital were tapped to manage $100 million each in emerging Asia strategies, which is a new area of investment for the $82 billion pension portfolio.

Morgan Creek has an office in Beijing and, in 2008, hired Jason Zhang, who was managing director of Asian Investments at Stanford Management Company from 2004 to 2007. Zhang, a native of China, spearheaded Stanford's investment activities in Asia.

Squadron Capital is a private equity