Texas County Pension Bolsters PE Commitments with Two New Funds
The $42 billion Texas County & District Retirement System (TCDRS) added two private equity funds to its portfolio in what so far has been a year full of PE commitments.
The pension fund allocated $120 million in private equity and followed $185 million in late March. To date, no other asset classes have received capital commitments, in what seems to be a marked slowdown from 2022’s activity.
The TA Associates fund – TA XV-A – received an $80 million commitment. The fund is diversified over a broad number of investments across five targeted growth industries: technology, healthcare, financial services and consumer and business services. Other allocators in the fund include the New Mexico State Investment Council and Texas Teachers’ Retirement System.
TCDRS committed $40 million to Lux Capital Management’s Lux Ventures VIII, which invests at the intersection of technology and the hard sciences, focusing on the life, physical and computational sciences.
Other investors in the fund include the New Mexico State Investment Council. In 2021, TCDRS allocated $20 million to Lux Ventures VII and $40 million to Lux Total Opportunities.