Texas County & District, Oregon commit to CDH Fund V

The Chinese GP reached a first close of $1 billion in February. LPs tell AVCJ that CDH will likely exceed its target but restrict itself to less than the $2.5 billion hard cap.

The private equity firm's target fund size represents just over a one-third increase on CDH Fund IV, which closed at $1.46 billion in April 2010. The third vehicle, raised in 2007 before the global financial crisis, came in at $1.6 billion, although it included a supplementary fund that invested alongside the main fund for deals above a certain size.

TCDRS had $17.6 billion under management at the end of 2011. The pension system allocates 10% of its assets to private equity, 2% to private real estate and 25% to hedge funds. Debt and equity products account for most of the remainder. Its private equity investments delivered a 9.5% return in 2011, trailing only Treasury inflation-protected securities (13.2%) and private real estate (12.9%).

TCDRS had $2.21 billion of committed capital in 73 private equity partnerships at year-end 2011 and invested a further $70 million during the first quarter of 2012. Recent Asia-related commitments include $50 million for RRJ Capital's second fund.

Oregon Investment Council had $79 billion under management across multiple plans as of December 2012. Private equity commitments totaled $14.9 billion, of which 3.1% is deployed with Asia-focused managers. Since inception, the PE program has delivered a return of 15.8%. KKR Asian Fund II is among its portfolio GPs.

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• Topics
• Fundraising
• Greater China
• LPs
• Fundraising
• LPs
• CDH Investments Management
• Texas County & District Retirement System (TCDRS)