Texas County & District commits $265m to private equity

In the last half of December, the investment team of the $40.4bn Texas County & District Retirement System, Austin, committed a total of $265m to three private equity buyout funds managed by two existing managers, a transaction report showed.

The largest commitment was $115m to Accel-KKR Capital Partners VII, a buyout fund, on Dec. 16. TCDRS committed $115m in 2019 to the previous fund in Accel-KKR’s Capital Partners fund series. The investment staff also committed $75m to Accel-KKR Emerging Buyout Partners II on Dec. 19.

The system committed $75m in 2020 to the first fund in the emerging buyout fund series managed by Accel-KKR.

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Also from the system’s $11.3bn private equity/venture capital portfolio, $75m was committed to GTCR Fund XIV on Dec. 16. In 2017, TCDRS committed $100m to GTCR Fund XII in 2017. The system’s allocation to private equity and venture capital was 28% of plan assets as of Sept. 30.

Created in 1967 by the Texas Legislature, the Texas County & District Retirement System works with county and district employers to provide retirement, disability and survivor benefits to Texans. The system receives no funding from the State of Texas.

Each plan is funded independently by the county or district and its employees. TCDRS net assets were $45 billion as of Dec. 31, 2021, and paid out $1.9 billion in benefits in 2021

Source: Pensions & Investments

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