Texas County & District pledges $144 mln to Vista, Synova, Carnelian

Texas County & District Retirement System pledged about $144 million to private equity funds at its June meeting.

The system made the following commitments:

• $50 million to Vista Equity Partners’ Endeavor Fund II, targeting $750 million. The fund focuses on smaller deals that don’t fit middle-market or flagship funds. Vista’s first Endeavor fund raised $560 million in 2017.
• $50 million to Carnelian Energy Capital Management’s third fund, which closed at its $775 million hard cap on July 1. The fund targets energy investments in the lower-middle-market oil and gas industries in North America.
• And 35 million pounds ($43.6 million) to Synova Capital’s fourth fund, which closed at its hard cap of $456.7 million in June.

So far this year, Texas C&D has made more than $924 million in private equity commitments, according to its website.

Private equity accounted for 15 percent of the system’s $30.3 billion fund as of March 31. Texas C&D increased its PE target allocation by 2 percentage points to 18 percent in April, according to its website.

The system serves more than 780 Texas counties and districts, including water and hospital districts.