The $35.7 billion Texas County & District Retirement System, Austin, committed a total of $170 million to alternative investment strategies, a transaction report showed.
The largest commitment was $100 million to Comvest Credit Partners V from the system's $3.3 billion direct lending portfolio. Comvest Partners, a new manager for TCDRS, will seek to provide financing solutions to middle-market companies in the U.S.
With the addition of the Comvest fund commitment, the total committed to direct lending year-to-date Feb. 26 was $185 million in two strategies managed by two firms. In 2020, TCDRS investment officers committed $867 million to eight direct lending strategies managed by seven firms, transaction reports showed.
From TCDRS' $6.8 billion private equity/venture capital portfolio, $50 million was earmarked for Shamrock Capital Growth Fund V, run by existing manager Shamrock Capital Advisors. Portfolio managers of the fund will seek buyout opportunities among U.S. companies in sectors including media, entertainment and communications.
New manager TCG Capital received a $20 million commitment to TCG Crossover Fund I for investment in growing consumer businesses in the U.S. including digital media, sports gaming and consumer finance.
With the two new commitments, the total committed by TCDRS to private equity/venture capital as of Feb. 26 was $105 million in three strategies managed by three firms. In 2020, TCDR investment officers committed $2 billion to 32 strategies managed by 25 firms, according to transaction reports.
The system also reported the performance of the defined benefit plan as of Dec. 31 which topped returns of its benchmark in all but one of the reporting periods TCDRS provided.
The one-year return was 7.7% (benchmark, 9.4%); three years, 7.1% (7%); five years, 8.6% (8.5%); 10 years, 7.6% (6.7%); 15 years, 6.5% (5.9%); 20 years, 7% (6.4%); and 30 years, 7.9% (6.9%).
Multiyear returns are annualized.