TCDRS confirms $275m in commitments

The Austin-based pension fund has backed three North American buyouts and one direct lending vehicle.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $35.7 billion
Allocation to alternatives: 49.2%

Texas County & District Retirement System has recently approved $275 million-worth of private equity commitments across four vehicles, according to the pension’s latest investment activity report.

The commitments comprise $150 million to Hellman & Friedman Capital Partners X, $85 million to Linden Capital Partners V, $15 million to Linden Co-investment V and $25 million to Venture Lending & Leasing X.

Linden Capital Partners currently has its fifth healthcare-focused buyout vehicle targeting $2.5 billion in capital commitments. The institution also has a co-investment vehicle alongside seeking $500 million. The commitment to Linden Capital Partners marks a new fund manager relationship for the public pension fund.

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 predominantly targeted corporate debt and buyout vehicles across North America, focusing investments in multiple sectors.

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