The USD 17.7 billion public pension fund Texas County & District Retirement System made nine commitments to private equity funds in H1 2011, including a USD 40 million commitment to KSL Capital Partners III, a EUR 30 million commitment to Waterland Private Equity Fund V and a EUR 30 million commitment to Chequers Capital XVI. The aggregate value of the pension fund’s private equity fund commitments in H1 2011 was USD 306 million. Four of the commitments were to buyout funds, with other commitments made to funds with a focus on venture and special situations. The pension fund has stepped up the pace of its commitments since 2010; in the same period last year it made five fund commitments totalling USD 155 million, and in 2010 as a whole it made 10 commitments with a total value of USD 345 million.
Texas County & District Retirement System has a preference for venture and buyout funds but is also particularly interested in funds that focus on both traditional and renewable energy discovery and production. In March 2011, the public pension fund’s board of trustees approved a new private equity target allocation of 10% of total assets under management, compared to the previous target of 8%.