Texas County & District Retirement System, Austin, disclosed three new private equity commitments and one new distressed debt commitment totaling $150 million in a transaction report on its website.
The $41.8 billion pension fund's investment staff completed commitments of $60 million to buyout fund Cortec Group Fund VIII on May 5 and $20 million each to Mayfield XVII, an early-stage venture capital fund, and Mayfield Select III, a late-stage venture capital funds, both managed by Mayfield Fund, according to the report.
TCDRS previously committed $60 million to Cortec Group VII in 2019 and $20 million each to Mayfield XVI Holdings and Mayfield Select II Holdings in 2020.
As of Dec. 31, the most recent date available, the fund’s actual allocation to the private equity portfolio was 27.8%; the target is 25%.
Within distressed debt, the investment staff completed a commitment on May 1 of $50 million to Taconic Credit Dislocation Fund IV, a real estate debt fund managed by Taconic Capital Advisors.
TCDRS previously committed $100 million to Taconic European Credit Dislocation Fund III in 2021.
As of Dec. 31, the actual allocation to distressed debt was 3.8%; the target is 4%.