Texas Municipal Retirement System, at its September meeting, backed a growth equity fund from FTV Capital, according to a private equity recommendation document on the system’s website.
The board committed up to $50 million to FTV VI, targeting $1 billion. The fund makes control and non-control investments between $20 million to $85 million. FTV Capital focuses on the enterprise technology & services, financial services and payments & transaction processing sectors, meeting documents show.
Texas Municipal’s latest commitment is in line with its $525 million pacing plan it set for 2019. The system has closed or made $418 million in commitments, so far this year, according to meeting documents.
Past commitments for 2019 include: $50 million to Providence Equity Partners’ Strategic Growth Fund IV, which has a hard cap of $2 billion; $33 million to Foundry Group’s FGN Partners Fund, targeting $100 million; $50 million to Reverence Capital Partners’ Opportunities Fund II, targeting $750 million; $50 million to Arcline Investment Management’s fund, targeting $1.25 billion; $50 million to Searchlight Capital’s third flagship fund, targeting $2.75 billion; $60 million to Northlane Capital Partner’s Fund II, targeting $375 million; and $75 million to H.I.G. Capital’s Strategic Partners Fund, which was part of Texas Municipal’s 2018 pacing plan.
Texas Municipal’s private equity allocation is 1.6 percent on a 5 percent target, Active LPs previously reported.