Texas pension taps another six alt funds

The $30 billion Texas County & District Retirement System in Austin continues to add alternative investment managers with a series of new commitments totaling $373 million across six funds. The largest commitment of $150 million was within the direct lending program to the Cerberus Real Estate Debt Fund. New York-based Cerberus launched the fund last September with an undisclosed amount of assets. TCDRS’s commitment to the real estate debt fund was made on March 13 and follows on more than $300 million in direct lending investments made so far in 2020 by trustees. Another $223 million in assets flowed into private equity strategies in recent weeks at the county pension system, which had already placed nearly $500 million in the asset class in the first two months of 2020. California-based Lightspeed Venture Partners received a total of $100 million that was split between Lightspeed Venture Partners XIII ($25 million) and Lightspeed Venture Partners Select IV ($75 million). A venture capital firm founded in 2000, Lightspeed has been an early investor in companies such as AppDynamics, Elementum, Grub Hub, The Honest Company, Next, Snap, Stitch Fix and Zola. A total of $83 million was allocated to Summit Partners Europe Growth Equity Fund III. The $19 billion private equity firm is dedicated to growth equity, fixed income and public equity opportunities. Summit Partners invests across growth sectors and has invested in more than 500 companies in technology, healthcare, consumer and other growth industries. Lastly, TCDRS allocated $20 million each to two Mayfield funds – Mayfield XVI and Mayfield Select II. The funds closed earlier this week with $475 million and $275 million respectively. Mayfield XVI invests in early stage companies, while Mayfield Select II invests in later stage rounds of breakout portfolio companies.

Texas pension taps another six alt funds

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