TCDRS allocates commitments across two VC funds

The Austin-based pension backs GTCR and Carnelian Energy Capital's latest VC funds.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $40.8 billion
Allocation to alternatives: 52.6%

Texas County & District Retirement System has made commitments of $130 million to Carnelian Energy Capital‘s latest energy vehicle and $57.5 million to GTCR’s inaugural Strategic Growth Fund, according to the recent activity report published on the pension’s website.

GTCR Strategic Growth Fund is currently in market raising $1.5 billion in capital commitments. GTCR typically has an investment focus in healthcare, business services, telecoms, media, and financial services. In November 2020, the private equity firm closed its 13th flagship fund at $7.5 billion, exceeding the target in just five months.

The $40.8 billion US pension has a target allocation of 25 percent to private equity; its current allocation is 21.7 percent. As illustrated below, the recent commitments by TCDRS have sought North American venture capital vehicles employing a variety of sectors.