Texas County & District Retirement System, Austin, committed €75 million ($80 million) to Summit Partners Europe Growth Equity Fund IV, said a transaction report for the $41.8 billion pension fund.
Funding for the commitment is from the pension fund's $11.6 billion private equity portfolio. The fund will target minority and majority stakes in European-based companies.
Investment officers in 2020 committed the same amount to the prior fund in Summit Partners' European growth equity fund family.
As of Dec. 31, TCDRS' actual allocation to private equity was 27.8%; the target is 25%.