Texas County & District backs Legend's China VC fund

According to sources familiar with the situation, LC Fund VI has a target of around $500 million and is nearing a final close. The venture capital firm's previous US dollar-denominated vehicle closed in May 2011 at $515 million. TCDRS invested $5 million. Other LPs are said to include HarbourVest Partners.

TCDRS has made two other commitments to Asian managers in the past 12 months, agreeing to invest $50 million in CDH Investments' fifth US dollar fund, which closed earlier this year at $2.55 billion, and putting $50 million into RRJ Capital's $3.5 billion second fund.

The system had an estimated $23 billion under management as of year-end 2013. The private equity allocation is 7.5%, short of the 12% target. TCDRS's PE portfolio was worth $1.7 billion, with a further $340 million in private real estate, $1.9 billion in opportunistic credit, $574 million in distressed debt and $5.7 billion in hedge funds.

The PE portfolio generated a one-year annualized return of 16.5% in 2013, trailing only public equities and real estate.

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• Topics
• LPs
• North America
• Greater China
• Venture
• Legend Capital
• Venture
• LPs
• China
• USA
• Texas County & District Retirement System (TCDRS)