Texas County & District Retirement System committed a total of $55 million to two private equity funds managed by Spectrum Equity Management, a new manager for the $27.8 billion pension fund, a transaction report showed.
The Austin-based pension fund committed $50 million to Spectrum Equity Investors VIII-A for investment in U.S. growth companies in the information services, software, Internet and digital media sectors.
TCDRS also committed $5 million to Spectrum Discretionary Overage Program, which will provide additional capital for larger investments made by the portfolio managers of the eighth fund in firm's series.
With the addition of the two Spectrum Equity funds, the pension fund has committed a total of $954 million to 20 private equity and venture capital funds year-to-date Oct. 4, according to the transaction report.
