Texas commits $140m to private equity

The Texas County & District Retirement System invested in three private equity funds last month.

The Texas County & District Retirement System committed $140 million to three North American private equity funds in November, according to the pension fund’s website.

Among the commitments were $50 million each to Onex Corporation’s Fund IV and Technology Crossover Ventures’ Fund VIII and $40 million to GTCR’s Fund XI.

Toronto-based Onex has raised $2.5 billion, according to documents filed with the US Securities and Exchange Commission Thursday. The firm is targeting $4.5 billion for its fourth fund, including a general partner commitment of about $1.2 billion, Private Equity International reported last month. 

The Public Employees Retirement Association of New Mexico committed $45 million to the fund and the Maine Public Employees Retirement System invested $60 million. Onex invests in large-scale North American companies. Its portfolio includes Tropicana Las Vegas Hotel and Casino and tradeshow company Emerald Expositions, according to its website.

Technology Crossover Ventures launched its eighth fund in January. The Silicon Valley-based firm did not disclose a target for the fund though media reports reported TCV was seeking $2.5 billion earlier this year. The Washington State Investment Board committed up to $150 million to the fund last month. 

TCV’s prior fund raised $3 billion in 2007, making it the largest venture fund in history at the time of the close, PEI reported. TCV’s current portfolio includes relationship website eHarmony, online DVD rental and subscription service Netflix and Facebook, according to its website.

GTCR’s Fund XI is targeting $3.25 billion. The 2013 vintage fund received a $50 million commitment from The Pennsylvania State Employees’ Retirement System and The Ohio Police & Fire Pension Fund. GTCR’s prior fund closed on $3.25 billion in February 2011 and invests in mid-market North American banking, finance, healthcare and technology companies.

TCDRS’ private equity portfolio was valued at $1.4 billion as of 30 June. The system has a 10 percent target allocation to private equity and roughly a 7 percent actual allocation. TCDRS had $20.8 billion of assets under management as of June, according to its website.