Texas County & District backs Parthenon Capital, EIV funds

The system made almost half a billion dollars in private equity commitments in Q4.

Texas County & District Retirement System committed up to $210 million to private equity in December, according to its website.

The system pledged up to $80 million to Parthenon Capital Partners’ sixth fund, targeting $1.5 billion. The pool invests between $40 million and $125 million to businesses with enterprise values of $50 million to $500 million, Buyouts previously reported. It plans to make around 15 investments.

The healthcare, financial services and business services focused firm was founded in 1998 by former Bain & Co. consultant John Rutherford and a former partner at Summit Partners, Ernest Jacquet.

Texas Municipal Retirement System also invested in Parthenon VI, having pledged $50 million to the fund, according to Buyouts.

Parthenon’s Fund V surpassed its $650 million target with a $1 billion close in 2016, Buyouts reported. Fund VI is aimed to be the firm’s largest.

Texas County also committed $30 million to The Column Group IV, a venture capital fund that focuses on the biotech and life sciences sectors in North America. The pool is targeting $725 million, according to data from sister site Private Equity International.

Column IV is listed under Texas County’s private equity portfolio, the system’s website shows.

The system also committed $75 million and $25 million, respectively, to EIV Capital’s Fund IV and a similar vehicle, EIV Capital IV Top-Up Fund. The funds have a combined target of $750 million, with $600 million for Fund IV and $150 million geared toward the parallel fund, according to SEC documents.

No additional information on the top-up fund was available. EIV Capital did not respond to a request for comment.

The Houston-based PE firm targets lower to middle-market businesses in the midstream and downstream energy sectors in North America, Buyouts previously reported.

December’s commitments bring Texas County & District’s fourth-quarter PE total to $490 million.

The system previously committed to KPS Capital Partners’ fifth fund and its mid-cap fund, Cortec Group Fund VII and TA Select Opportunities.

Texas County hit its 18 percent target allocation for private equity, according to its website.

Action Item: Check out Texas C&D’s commitments here.