Searches and Hires

Texas County & District allocates $186 million to real estate, private equity

Texas County & District Retirement System, Austin, committed a total of $186 million to two alternative investment funds managed by existing managers, a transaction report showed.

The real estate team of the $29.1 billion pension fund committed €90 million ($101 million) to Blackstone Real Estate Partners Europe VI. TCDRS committed €40 million to the earlier fund in Blackstone Group's real estate fund family. Both funds focus on acquiring opportunistic properties in Europe.

The defined benefit plan has committed a total of $126 million to two real estate funds this year through May 8 compared with all of 2018 when a total of $772 million was committed to nine funds.

In private equity, TCDRS investment officers committed $85 million to Advent Global Private Equity IX, which will seek buyouts, recapitalizations and growth equity transactions, primarily in Europe and North America. The fund's portfolio managers will focus on five industry sectors: business and financial services; health care; industrial; retail, consumer and leisure; and technology, media and telecom.

TCDRS committed the same amount to the earlier fund in Advent International's fund family.

With the addition of Advent, TCDRS has committed a total of $476 million year-to-date May 9 to nine private equity funds managed by eight managers. In all of 2018, the pension fund committed a total of $1.1 billion to 19 funds, transaction reports showed.