This article from the Dallas Morning News would indicate that it has:
Texas teachers’ pension fund invests in casinos, loses $99 million
by Steve McGonigle
First of two parts
As public investments go, this one looked like a roll of the dice.
But the Teacher Retirement System of Texas wanted a big win, so it put $100 million into the buyout of a Las Vegas gaming company called Station Casinos.
The company went bankrupt, and like many an unlucky jackpot-chaser, the state’s largest pension fund walked away a loser. More than $99 million of Texas teachers’ retirement money had vanished.
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It wasn’t the only one. Between April 2006 and last September, the teacher fund saw the value of its “opportunistic,” or high-risk, real estate deals drop by $599 million, a data analysis by The Dallas Morning News found.
In all categories of real asset investments, including real estate, the worth of the TRS portfolio fell by more than $1 billion over that same period, according to the evaluation by The News.
A spokesman for the teacher fund disputed the newspaper’s calculations The News on Friday, contending the decreases in high-risk real estate values were much less.
TRS is the nation’s fifth-largest public pension provider, with current assets of $110 billion. It serves 1.3 million public education employees, about one-fourth of whom are retired.
Like many pension plans, TRS faces a widening gap between assets and long-term obligations, a result of market volatility, tight state budgets and a rising tide of retirees. Last year, this unfunded liability reached $24 billion and forced the teacher fund to continue a decadelong freeze on increases in benefit payments.
For the whole sad story, and details of further loses, read the whole thing. I should say read it and weep, for it is a terrible tale of mismanagement of the TRS and the businesses they invest in. And remember this is only part 1 of 2, it gets worse, watch for it.
