TCDRS approves $75m commitment

The US public pension has backed a US-focused growth equity fund.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $30.39bn
Allocation to alternatives: 30.12%
Bitesize: $50-100m

Texas County and District Retirement System (TCDRS) has agreed to commit $75 million to ZMC III, according to a report on the pension’s website. The fund is managed by Zelnick Media Capital: a US firm focused on growth equity and special situations investments in the TMT sector.

The $30.39 billion US public pension has an 18.0 percent target allocation to private equity that currently stands at 15.0 percent.

As illustrated in the charts below, TCDRS is a very active private equity investor, having committed to 14 PE funds with a 2019 vintage alone, totalling $863.4 million.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.