Texas Municipal Retirement System at its January meeting approved an additional $25 million commitment to an FTV Capital fund that it invested in last year, the system’s director of private equity, Chris Schelling, told Buyouts in an email.
The system pledged up to $50 million to the growth equity fund FTV VI in September. According to meeting documents, after the board approved the $50 million commitment, the manager offered an opportunity for Texas Municipal to increase its original commitment. The system’s total commitment to the fund totals $75 million.
The fund focuses on the enterprise technology & services, financial services and payments & transaction processing industries, Buyouts reported. It makes control and structured non-control investments between $20 million to $85 million to companies that generate between $10 million and $100 million, meeting documents showed.
The latest pledge brings Texas’s private equity commitments to $488 million for 2019, falling below the $525 million pacing plan it set.
Private equity makes up 2.6 percent of the system’s portfolio, below its 5 percent target, according to its website.