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Texas County & District commits to European buyout fund

Texas County & District Retirement System, Austin, committed €60 million ($66 million) to CVC Capital Partners Fund VII, a transaction report from the $25.6 billion fund showed.

Portfolio managers of the buyout fund will target investment in middle-market companies in the beverage, chemicals consumer services, manufacturing, distribution, media, retail and technology sectors. The fund's geographic focus primarily will be continental Europe.

With this commitment, TCDRS has allocated an aggregate $461 million to eight private equity or venture capital managers this year, according to the transaction report. The latest allocation is the retirement system's third to European private equity funds year-to-date, according to the transaction report.