Texas County & District slates $120 million for direct lending, venture capital

Texas County & District Retirement System, Austin, committed a total of $120 million to two alternative investment strategies, according to a transaction report.

MCP Private Capital Fund III was awarded a €75 million ($80 million) commitment as part of an expansion of the $25.6 billion pension fund's direct lending allocation to 10% of plan assets from 5%.

The fund's manager, Metric Capital Partners, specializes in providing financing to small- and midsized companies across Europe.

Earlier this month, TCDRS committed $450 million to Benefit Street Partners for direct lending.

Separately, TCDRS committed $40 million to New Enterprise Associates 16, a venture capital fund that focuses on investing in early-stage U.S. companies primarily in the information technology, energy, technology and health-care sectors.

With the addition of the commitment to New Enterprise Associates, TCDRS has allocated $285 million to five private equity or venture capital managers so far this year, according to the transaction report.