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Texas Teacher Retirement System backs Blue Sea’s debut fund

31 Jan 2014

texas cattleLower mid-market firm Blue Sea Capital has secured the $118bn Texas Teacher Retirement System as an LP.

The pension system, has agreed to invest $15m in Florida-based firm’s debut fund, according to the Buyouts magazine.

In November last year AltAssets reported that almost three-quarters of the way to its $270m target for its Fund I.

The firm had raised $192.7m from 15 LPs, according to a document filed with the US Securities and Exchange Commission.

Six of Blue Sea’s investment team were formerly at Brockway Moran & Partners, a mid-market firm which was expected to launch its fourth fund in 2012.

That fundraise never materialised, with peHUB later reporting that the firm did not intend to raise another vehicle.

Brockway’s 1998 debut collected $200m, which it followed up with a $410m Fund II in 2001 and $700m third vehicle in 2006.

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