Texas County ups its private equity target

The system also made $130 million in private equity commitments in Q2.

Texas County & District at its June meeting announced it is increasing its target for private equity allocations, according to its website.

The system has upped their private equity allocation target from 18 percent to 20 percent, a Texas County representative told Buyouts.

In 2017 and 2018, Texas C&D’s private equity target was at 16 percent. The system increased it to 18 percent last year.

Texas C&D did not provide a comment as to why it changed the target allocation.

Texas County has strongly backed the asset class, having invested over $900 million to private equity in 2020.

In the second quarter alone, the system committed up to $130 million to three private equity funds, information on its website showed.

In April, Texas C&D pledged up to $50 million to Spectrum Equity’s ninth fund, which closed in May on $1.5 billion. The fund focuses on the TMT sector.

In May, the system committed $30 million to Data Collective’s venture capital fund, DCVC Bio II, targeting $275 million. The fund invests in biotech/life science in North America.

Texas County also invested $50 million in Summit Partners Venture Capital Fund V, which closed at $1 billion in June.

Despite the DCVC Bio II and Summit’s Fund V being venture funds, they fall under the system’s private equity asset class, its website showed.

Private equity makes up 20 percent of the system’s portfolio.

Action Item: Check out the system’s summary of its board meeting here.