Texas County & District Retirement System, Austin, committed $60 million to Accel-KKR Capital Partners IV, a venture capital fund focused on investment in midsize technology companies.
It's the $17.5 billion retirement system's first commitment to Accel-KKR, Paul J. Williams, TCDRS' investment officer, said in an interview. The commitment was made Feb. 14.
On Feb. 24, the system committed $40 million to Blackstone Real Estate Partners VII, a private equity real estate fund. Mr. Williams said Blackstone is an existing manager for the system in several alternative asset classes, including previous real estate and buyout funds.
Separately, the system reported returns for periods ended Dec. 31 of -1% for one year, 11.9% for three years, 1.6% for five years, 6.2% for 10 years, 7.2% for 20 years and 9.9% for 30 years. Returns for periods of more than one year are annualized.
As of Dec. 31, the fund's actual asset allocation was hedge funds, 26.6%; domestic equity, 20.7%; high-yield, 14.5%; international equity, 13.2%; core fixed income, 10.7%; private equity, 5.5%; REITs, 3%; TIPS, 2.6%; commodities, 2.1%; private real estate, 0.7%; and cash, 0.4%.
The system's asset allocation targets as of Jan. 1 were hedge funds, 25%; international equity, 18%; high yield, 16%; domestic equity, 14%; core fixed income and private equity, 10% each; REITs, 3%; and private real estate and commodities, 2% each.