Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $40.8 billion
Allocation to alternatives: 52.6%
Texas County & District Retirement System has approved more than $450 million in commitments across six private equity vehicles, according to the pension’s recent investment activity.
The allocation comprises $150 million to Ares Special Opportunities Fund II, $150 million to Summit Partners Growth Equity Fund XI, $80 million to Spark Capital Growth Fund IV, €50 million to Adelis Equity Partners Fund III, $40 million to Spark Capital VII and $20 million to Threshold Ventures Select I.
Spark Capital currently has two vehicles targeting more than $2 billion in capital commitments. After a successful year of fundraising, the fund manager has launched Spark Capital Growth Fund IV and Spark Capital VII with target sizes of $1.3 billion and $650 million, respectively. TCDRS had previously committed to each of the predecessor vehicles by the fund manager.
The $40.8 billion US pension fund has a target allocation of 25 percent to private equity, which currently stands at 21.7 percent. Earlier this year, affiliate title Private Equity International published the pension fund’s revised investment policy for the asset class.
Illustrated below are the sub-asset-class allocation breakdown, investment portfolio current and policy targets and recent fund commitments by TCDRS.
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