TC
LP profile
Texas County & District Retirement System (TCDRS)
Pension fund · Austin, United States
181
VC firms backed
$38B
AUM
~$760M
Allocated to VC (est. 2%)
01 · Background
Who Texas County & District Retirement System (TCDRS) is.
- Historical Background
- The Texas Legislature established the Texas County & District Retirement System (TCDRS) in 1967. It was created to provide retirement, disability, and survivor benefits for employees of Texas counties and districts.
- Source of Capital
- TCDRS is a public pension fund. Capital is sourced from contributions made by the participating county and district employees and their employers; the system receives no funding from the State of Texas.
- Allocation Strategy
- The system allocates a significant portion of its portfolio to alternatives, with a target of 49% in private assets such as private equity, real estate, and various credit strategies. TCDRS's investment strategy is diversified across multiple asset classes to manage risk and achieve long-term return goals. As of its stated targets, the portfolio is allocated as follows: Private Equity (25%), Global Public Equities (21%), Direct Lending (17%), Systematic Credit (10%), Distressed Debt (8%), Real Estate (7%), Stable Value Hedge Funds (6%), and Risk Parity (6%).
02 · Fund commitments
The funds Texas County & District Retirement System (TCDRS) backs.
Texas County & District Retirement System (TCDRS) is a limited partner in 181 funds. 24 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Lightspeed Venture Partners
#7 Power Law
New Enterprise Associates
#8 Power Law
Khosla Ventures
#12 Power Law
IDG Capital
#27 Power Law
DCVC
#28 Power Law
CRV
#49 Power Law
Lux Capital
#50 Power Law
Spark Capital
#51 Power Law
TCV
#67 Power Law
IVP
#84 Power Law
OrbiMed
#98 Power Law
Threshold Ventures
#115 Power Law
Mayfield
#134 Power Law
CDH Investments
#320 Power Law
Legend Capital
#364 Power Law
Luminous Ventures
#371 Power Law
Source Code Capital
#403 Power Law
Adelis Equity Partners
Aermont Capital
Baring Private Equity Asia
Brevan Howard Asset Management
Candover Partners
Carlyle Cardinal Ireland - CCI
Charterhouse Capital Partners
Chequers Capital
Cheyne Capital
Chorus Capital
Coller Capital
CVC Capital Partners
EMH Partners
Gaocheng Capital
Hony Capital
Joy Capital
RRJ Capital
Sky9 Capital
03 · Allocation
How Texas County & District Retirement System (TCDRS)’s fund book is spread.
The 181 funds Texas County & District Retirement System (TCDRS) backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 14379%
- Europe 2614%
- Rest of world 127%
United States 142 · United Kingdom 17 · China 9 · Germany 2
How established those managers are
Managers grouped by how many funds they have raised — across the 135 of 181 with a fund history on record.
Emerging funds · 56
Established funds · 79
31
1
11
2
14
3
18
4
13
5-6
20
7-9
17
10-14
11
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Texas County & District Retirement System (TCDRS) by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
New Mexico State Investment Council
$35B AUM
135 VC funds backed
🇦🇺
AustralianSuper
$310B AUM
65 VC funds backed
🇺🇸
Pennsylvania State Employees' Retirement System
$42B AUM
122 VC funds backed
🇺🇸
IMRF
$57B AUM
109 VC funds backed
🇺🇸
LACERS
$22B AUM
112 VC funds backed
🇺🇸
San Francisco Employees' Retirement System
$32B AUM
136 VC funds backed
🇺🇸
IBM Personal Pension Plan
$40B AUM
92 VC funds backed
🇺🇸
State Universities Retirement System
$25B AUM
50 VC funds backed