TCDRS approves $222m in commitments

The US public pension has backed three private equity funds.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $33.4bn
Allocation to alternatives: 38.9%
Bitesize: $50-100m

Texas County and District Retirement System has confirmed $222 million-worth of private equity commitments to five vehicles, according to the pension’s March 2020 investment report.

The commitments comprise of €75 million ($82 million) to Summit Partners Europe Growth Equity Fund III, alongside $100 million across two vehicles managed by Lightspeed Venture Partners: $75 million to the firm’s Select IV fund and $25 million to its Venture Partners XIII fund. A further $40 million has been allocated to two vehicles managed by Mayfield Fund: $20 million apiece to Select Fund II and Fund XVI from the firm’s flagship series.

The $33.4 billion US public pension has an 18.0 percent target allocation to private equity that currently stands at 15.90 percent.

As illustrated below, TCDRS has made eight commitments to private equity funds with a 2020 vintage, which combined constitute $465 million.

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