Texas County & District Retirement System committed a total of $337 million to four alternative investment strategies run by three managers, transaction reports from the $32.1 billion pension fund showed.
The largest commitment by the Austin-based pension fund was $167 million to direct-lending fund ICG Private Markets Fund SCSp SICAV-RAIF — ICG Sale & Leaseback (USD) 1, managed by a new firm, Intermediate Capital Group. The commitment is the first in 2020 to direct lending from TCDRS' $2.2 billion direct-lending portfolio, the report showed. In all of 2019, the pension fund's investment officers committed a total of $975 million to five direct-lending funds.
TCDRS' first commitment in 2020 from its $5.1 billion private equity portfolio was $70 million to Wynnchurch Capital Partners V. Wynnchurch is an existing manager for the pension fund.
A late addition to TCDRS' list of 2019 private equity commitments was the total of $100 million committed to existing manager EIV Capital, with $75 million earmarked for investment in EIV Capital Fund IV, a buyout fund, and $25 million to EIV Capital Top-Up Fund IV.
Including the new EIV Capital commitments, Texas County in 2019 committed a total of $1.2 billion to 28 private equity and venture capital strategies managed by 27 firms, last year's transaction report showed.