TCDRS Commits $345M Across Six PE Funds

Texas County & District Retirement System committed $345 million across six private equity funds in recent weeks as the $55 billion retirement system continued expanding exposure to healthcare, software and lower-middle-market strategies.

The largest allocation was a $90 million commitment to Water Street Healthcare Partners VI, which recently closed with $1.9 billion in assets. The Chicago-based firm invests in healthcare companies focused on improving efficiency, access and patient outcomes across the healthcare system.

TCDRS also committed $78 million to WPEF X Feeder CV, managed by Waterland Private Equity Investments. The Netherlands-based manager focuses on buyout investments across Western and Northern Europe. The feeder vehicle is tied to Waterland Private Equity Fund X, which closed in April with €4 billion ($4.7 billion) in capital commitments.

Another $60 million was allocated to Aphias Capital Fund I. The San Francisco-based firm targets lower-middle-market companies operating in healthcare services and essential services sectors.

TCDRS additionally committed $54 million to Main Capital IX and $33 million to Main Foundation III, both managed by Netherlands-based Main Capital Partners, which specializes in software investments across Northwestern Europe and North America.

The pension system also approved a $30 million commitment to Harpoon IV, managed by Harpoon Ventures.

Private equity has remained TCDRS’ most active investment strategy in 2026. The retirement system currently holds approximately $15 billion in private equity investments across its portfolio.