Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $35.7 billion
Allocation to alternatives: 49.2%
Texas County & District Retirement System has confirmed $275 million-worth of private equity commitments across three funds, according to the pension’s recent investment activity report.
The commitments comprise $150 million to Genstar Capital Partners X, $100 million to Roark Capital Partners VI and a top-up of $25 million to Genstar Capital Partners X Overage Sidecar vehicle. Roark Capital Group is currently in market fundraising for its sixth vehicle with a target size of $5 billion.
Genstar Capital has recently announced the closing of its 10th buyout vehicle at its $10.2 billion hard-cap, surpassing the initial $8 billion target size. The sidecar, which will co-invest into the larger transactions of its parent fund also held a final close at $1.5 billion.
TCDRS has a private equity target allocation of 25 percent, which presently stands at 19.1 percent.
As illustrated below, the $35.7 billion US pension’s recent fund commitments have primarily targeted corporate lending and buyout strategies across North America, focusing on diversified industry sectors.
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