TCDRS approves $50m in commitments

The Austin, Texas-based pension fund has backed Sky9 Capital's latest venture funds.

Institution: Texas County & District Retirement System
Headquarters: Austin, US
AUM: $38.1 billion
Allocation to alternatives: 50.9%

Texas County & District Retirement System has approved $50 million-worth of commitments across two venture capital vehicles, according to the pension’s latest investment activity.

The commitments comprise $40 million to Sky9 Capital Fund V and $10 million to Sky9 Capital MVP Fund II. Both vehicles are managed by Sky9 Capital, targeting TMT sectors across North America and Asia-Pacific, and with a special interest in the US and China. The pension had committed a total of $40 million to the predecessor vehicles.

TCDRS has a target allocation to private equity of 25 percent. Its allocation to the asset class currently stands at 20.5 percent.

As illustrated below, recent commitments by the $38.1 billion pension have predominantly targeted North American venture capital and growth equity investments.

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