From the Menu Bar, choose Object… Transform... Shear or right-click and choose Transform > Shear. That Should do the trick.
In the Transform panel it is called "Shear" (the bottom right field). Adjusting the registration point (origin of the shear) to one of the nine possibilities in the Proxy area will affect the resulting shear.
Or choose the Shear tool from the Tools panel (in the same tool slot with the Scale Tool). The Shear tool gives you the most control as it gives you infinite possibilities for adjusting the registration point (origin of the shear).
The newly redesigned Free Transform tool seems to work much better for me if I convert the text to vector objects first. Select your text with the Selection (Black Arrow) tool and choose Type… Create Outlines from the Menu Bar.