Texas County & District Retirement System, Austin, committed a total of $61 million to two existing venture capital money managers between May 31 and June 2, a transaction report for the $44 billion pension fund showed.
From the retirement system's $11.5 billion private equity/venture capital portfolio, investment officers committed $50 million to IDG China Venture Capital Fund VII, managed by IDG Capital, on May 31.
The team also made additional contributions to two funds managed by China-focused venture capital manager Shine Capital on June 2. An additional $7 million was committed to Shine Capital II and $4 million was earmarked for Shine Capital Opportunities Fund I.
With the additional allocation, TCDRS has committed a total of $60 million to Shine Capital II and $30 million to Shine Capital Opportunities Fund I in four installments through June 2.
As of March 31, TCDRS' actual allocation to private equity/fixed income was 26.1% of total defined benefit plan assets; the target allocation is 25%.
With the latest commitments, Texas County has committed a total of $1.1 billion year-to-date June 2 to 19 private equity and venture capital funds run by 14 managers.
In all of 2021, TCDRS committed a total of $4.6 billion to 33 private equity and venture capital funds managed by 26 firms, the transaction report for that year showed.
