The $33.4 billion Texas County & District Retirement System, Austin, committed to a new technology-focused private equity fund by existing manager Spectrum Equity Management, a transaction report showed.
From the system's $5.3 billion private equity/venture capital portfolio, investment staff committed $50 million to Spectrum Equity IX-A, which will seek investment in U.S. growth companies in sectors including information services, software, internet and digital media.
TCDRS committed $50 million to the predecessor fund in the manager's family in 2017.
Including the Spectrum Equity commitment, the system committed a total of $817 million to 14 private equity/venture capital funds managed by 12 firms as of April 9.
In all of 2019, TCDRS committed $1.2 billion in total to 28 private equity/venture capital funds run by 27 managers, transaction reports showed.
