TCDRS approves $110m in commitments

The US public pension has backed two US PE funds.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $32.11bn
Allocation to alternatives: 39.31%
Bitesize: $100-200m

Texas County and District Retirement System has agreed to $110 million worth of private equity commitments, according to a recent report on the pension’s website. The commitments comprise of $50 million to OpenView Venture Partners VI and $60 million to Cortec Group Fund VII.

Cortec’s fund series is focused on mid-market US buyouts across a variety of sectors, whereas OpenView’s is a venture capital series focused solely on the TMT sector.

The $32.11 billion US public pension has an 18.0 percent target allocation to private equity that currently stands at 15.99 percent.

As illustrated in the charts below, TCDRS is a repeat investor to OpenView’s venture capital series having previously committed $30 million and $17 million respectively to Fund VI’s two predecessors. Conversely, the pension’s commitment to Cortec’s seventh fund marks a first-time investment with the manager.

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