TCDRS confirms £65m commitment

The US pension fund has backed Synova's fifth private equity fund.

Name: Texas County and District Retirement System
HQ: Austin, US
AUM: $44.4 billion
Allocation to alternatives: 60%

Texas County and District Retirement System has committed £65 million ($80 million; €78 million) to Synova Capital V, according to recent investment materials.

Founded in 2007, Synova is a London-headquartered firm with an office in New York. The firm focuses on partnering with entrepreneurs to grow mid-market companies across the UK.

Texas County and District Retirement System has a 21.2 percent allocation to private equity, which comprises $9.3 billion of capital – less than its target allocation of 25 percent.

As illustrated below, TCDRS’s recent private equity commitments are mainly focused on North American vehicles that invest in venture capital funds.

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