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Alternative Assets  + Private Debt  + Private Equity  |  April 10, 2025
Texas Retirement Bolsters Direct Lending, PE Portfolios
By: Joe Palmisano

Texas Retirement Bolsters Direct Lending, PE Portfolios

The Texas County & District Retirement System (TCDRS) allocated approximately $325 million to direct lending and private equity funds over the past month. These investments spanned eight funds from March into early April, while the $50 billion retirement system has sidelined new commitments to areas like strategic credit, distressed debt, hedge funds, and real assets.

In private equity, TCDRS committed $225 million, with Shine Capital III, an early-stage venture capital fund, securing the largest share at $75 million. Founded in 2020 by venture capital veteran Mo Koyfman, Shine Capital has backed companies in sectors including consumer, enterprise software, AI/ML, crypto, fintech, and healthcare.

An additional $50 million was distributed across several Lightspeed Venture Partners funds: Lightspeed Venture Partners XV-A (Inception), Lightspeed Venture Partners XV-B (Ignite), and Lightspeed Venture Partners Select VI. Lightspeed has also received recent commitments from the Illinois Municipal Retirement Fund and the Tennessee Consolidated Retirement System in prior months.

Mainsail Partners VII received $60 million in commitments, split between two tranches. Mainsail Partners, a growth equity firm, targets investments in fast-growing, bootstrapped software companies. Its prior fund wrapped up in 2022, raising $915 million in total commitments.

Finally, within private equity, Hughes Growth Equity Fund II secured a $40 million investment from TCDRS. Overseen by Hughes & Co., this fund series concentrates on healthcare software and technology-enabled services firms.

A single new commitment of $100 million was allocated within the direct lending portfolio, per investment disclosures. This commitment went to SKY Fund VI Onshore, managed by SKY Leasing, which aims to offer capital solutions to airlines for fleet modernization, primarily via sale-leaseback transactions involving new aircraft deliveries.

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Texas County & District Retirement System

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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