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Head of Texas Teachers Emerging Manager Program departs

Monday, July 14, 2014
Opalesque Industry Update, for New Managers - Stuart Bernstein, director of the Teacher Retirement System of Texas (TRS) Emerging Manager Program, has elected to return to the private sector and join former TRS Director of Private Markets Steve LeBlanc at CapRidge Partners, LLC. Over the last six years, Bernstein has overseen development and management of the Emerging Manager Program and Private Markets Strategic Partnership Program at TRS.

“Stuart has done an outstanding job developing a world-class emerging manager program for TRS,” said TRS Executive Director Brian Guthrie. “Now, we look forward to building upon that success and continuing to be recognized as a leader in this space.”

To ensure minimal disruption during this important transition period, TRS has engaged the advisory services of Lenox Park LLC. Lenox Park will work closely with TRS executive management and remaining Emerging Manager Program staff to fill Bernstein's role and work toward a seamless transition while maintaining TRS' leadership position in the emerging manager space.

TRS has reaffirmed a strong commitment to its emerging manager program and the important role it plays in the fund’s overall investment strategy.

"TRS has put in place a world-class emerging manager program,” said Lenox Park Managing Partner Jason Lamin. “The thoughtfulness with which they are approaching this transition speaks volumes about their commitment to emerging managers."

TRS has been instrumental in the emerging manager space across the industry, advocating for smaller and start-up managers while committing and managing a $2 billion emerging manager portfolio. The program has expanded its asset classes, increased dollar commitments and improved returns. It has been recognized across the industry and has received the following awards: NAIC Pacesetters Award, Toigo Innovative Leadership Award, Consortium Impact Award, and the AAAIM Capital Access Award. The TRS program has grown to a team of four full-time staff members focused on the space.

TRS delivers retirement and related benefits that have been authorized by the Texas Legislature and manages a $130 billion trust fund established to finance member benefits. More than 1.3 million public education employees, higher education employees and retirees participate in the system.

press release

www.trs.state.tx.us

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