Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $40.8 billion
Allocation to alternatives: 52.6%
Texas County & District Retirement System has committed $135 million across four private equity vehicles, according to the pension’s latest investment activity.
The allocation comprises $75 million to Marlin Heritage Fund III, $25 million to Spectrum Select Opportunities Fund I, $18 million to Lightspeed China Partners V and $17 million to Lightspeed China Partners Select II.
Lightspeed Venture Partners launched both of its venture vehicles in August seeking $950 million in total ($450 million for LCP V, and $400 million for LCPS II). Like its predecessors, the funds will seek early-stage technology companies and growth investments in China. TCDRS had previously committed $10 million across both of the predecessor funds.
The $40.8 billion public pension fund has a target allocation of 25 percent to private equity, which presently stands at 21.7 percent. Earlier this year, Private Equity International had outlined the pension’s revised investment policy for fiscal 2021.
As illustrated below, the pension’s recent fund commitments have predominantly targeted VC and Buyout vehicles across North America and Asia-pacific.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments