Texas County & District Retirement System, Austin, committed $60 million to a buyout fund offered by Cortec Group, a new private equity manager for the $32.1 billion pension fund, a transaction report showed.
Investment officers made the commitment to Cortec Group Fund VII from the pension fund's $5.1 billion private equity portfolio.
Cortec portfolio managers will seek control investments in lower-middle-market North American companies in sectors such as health-care products and services; business-to-consumer and business-to-business; and value-added distribution, including e-commerce.
With the addition of the commitment to the Cortec fund, TCDRS has committed a total of $1.6 billion to 25 private equity and venture capital funds managed by 24 managers year-to-date Nov. 14.
In calendar year 2018, pension fund officials committed or invested a total of $1.4 billion to 22 funds run by 19 private equity and venture capital firms, transaction reports showed.