Texas County & District Retirement System, Austin, committed an additional $6 million to two venture capital funds managed by Shine Capital, a transaction report from the $43.9 billion system showed.
On May 13, investment officers committed an additional $4 million to Shine Capital II, bringing the total year-to-date commitment to the fund to $53 million. On April 14, the team committed $11 million to the fund and on Feb. 18, earmarked $38 million to the fund.
Also on May 13, TCDRS committed $2 million to Shine Capital Opportunities Fund I, pushing the total allocated to the fund to $26 million so far this year. Additional commitments to the funds were $5 million on April 14 and $19 million on Feb. 18, according to the transaction report.
The system’s commitments to the two Shine Capital funds totaled $79 million as of May 14.
The venture capital commitments came from the system’s $10.7 billion private equity/venture capital portfolio.
Texas County & District’s actual allocation to private equity/venture capital was 24.4% of plan assets as of Dec. 31, just under the system’s 25% target allocation.
With the additional allocations to Shine capital, TCDRS’ investment staff have committed a total of $1.1 billion to 18 strategies run by 13 managers year-to-date May 13, the 2022 transaction report showed.
In all of 2021, The system committed a total of $4.6 billion to 33 private equity and venture capital funds managed by 26 firms.
