Texas pension adds four more PE funds

The $29 billion Texas County & District Retirement System (TCDRS) added $223 million to its growing private equity portfolio in recent months as the number of commitments in the asset class in 2020 rose to 19 through July 21. The largest allocation was to Marlin Heritage Europe II totaling €90 million (US$107 million). California-based Marlin Equity Partners created the initial Marlin Heritage Europe fund in 2016, raising $222 million. The firm overall had $6.2 billion in AUM at the end of 2019. A long-time investor in Marlin, TCDRS’ commitment to the new fund was made in July. In June, a $50 million commitment was made to Summit Partners Venture Capital Fund V-A. The allocation follows another commitment to the Summit Partners European Growth Equity Fund III, which closed in June with €1.1 billion in client commitments. Summit’s Venture Capital Fund V also closed at its hard cap of $1 billion in June. The Austin-based pension system also committed $30 million to DCVC Bio II, prior to its May 28 close with $275 million. The Palo Alto venture capital fund is managed by DCVC/Data Collective. TCDRS made its second allocation of the year to H.I.G. in July, with a $30 million commitment to H.I.G. Capital Partners VI. The fund slated to close at $1.25 billion in assets, according to U.S. SEC documents filed earlier in July. Last, but not least, officials made a $6 million allocation to the Riverstone Echo Rollover Fund managed New York-based Riverstone Holdings, which focuses on opportunities within energy, power and infrastructure. With a 20% target allocation to the private equity, the pension fund reported gains of 16.9% for the one year through March. And while hedge funds, real assets and credit allocations have not been as popular, the system continues to put money to work.

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