US pension fund Teacher Retirement System (TRS) of Texas has committed to invest $150 million in the ninth Asia buyout fund of Swedish investment house EQT Group.
The commitment to BPEA Private Equity Fund IX (BPEA IX) was part of the $450 million total commitments that TRS of Texas approved in February, according to the pension fund’s latest monthly commitments report.
EQT Group has set a hard cap of $14.5 billion for the ninth Asia buyout fund. It had earlier set the target fund size at $12.5 billion. The predecessor fund, BPEA VIII, had raised over $11 billion in 2022.
BPEA IX will likely continue the firm’s active ownership strategy to make control-oriented investments across the Asia-Pacific, focusing on healthcare, technology, business services, education, financial services, consumer, and advanced manufacturing.
Some of EQT’s Southeast Asia portfolio, including from the BPEA business, are Indonesian natural ingredients provider Indesso; Singapore-based healthcare platform MHC Asia and video game development firm Virtuos; and integrated retail platform The CrownX, and education companies VUS and ILA in Vietnam.
On the other hand, TRS of Texas, established in 1937, provides retirement and related benefits for those employed by the public schools, colleges, and universities supported by the State of Texas and manages a $180 billion trust fund established to finance member benefits.
Aside from its commitment to BPEA IX, the US pension fund, in February 2025, also committed to invest $100 million in CS Bevo I of CSF Asset Management Vehicle; $100 million in Gavin Generaion Holdings A of Energy Capital Partners Management; and another $100 million in NGP Royalty Partners III of NGP Energy Capital Management.
In January, TRS of Texas also committed $100 million in SCREP VIII, the latest real estate investment fund of pan-Asian private equity giant PAG. The fund is the tenth in the series and plans to invest in data centres, logistics, offices, multifamily, and distressed debt.
