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Texas pension scheme adds two PE funds to portfolio

The Texas County & District Retirement System (TCDRS) has added two additional private equity funds to its investment portfolio in recent weeks, despite recently announcing a reduction in its annual PE commitment, according to a report by Alternatives Watch.

The new managers hired are growth equity focused Parthenon Capital and ZMC, an investor in media, entertainment, communications and technology business. Parthenon Investors VII, which recently closed at $4.5 billion, received a $110 million commitment, while TCDRS also allocated $75 million to the MC IV fund.

The $42 billion Austin-based pension scheme recently announced it was cutting back its annual commitment to private equity from $2.6 billion in 2022 to $1.8 billion as a decline in public markets meant the its actual PE exposure had exceeded the scheme’s long-term target of 25% of assets.

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