Texas County pension commits $75m to private equity

Draper Fisher Jurvetson, Caduceus Private Investments and CDH were among the recent fund commitments made by the $12bn Texas County and District Retirement System.

The Texas County and District Retirement System has committed $75 million to private equity since the fourth quarter of 2009, putting a portion of its money to work in venture capital.

The pension committed $25 million to Draper Fisher Jurvetson Fund X, which is targeting $400 million; $20 million to Caduceus Private Investments IV, targeting $550 million and $30 million to CDH Fund IV, which is close to closing fundraising at $1.4 billion. Caduceus has raised $312 million so far.

Texas County and District, which reported assets of $12 billion as of 31 December, 2008, has a target allocation to the asset class of 8 percent, and an actual allocation of just 2 percent.

The pension committed a total of $365 million to private equity in 2009, investing in managers like TA Associates, Khosla Ventures, Oaktree Capital Management, Highland Capital Partners and Hellman & Friedman.

Texas County and District has a 2 percent target allocation to real estate.