New Cortec PE fund biggest winner from latest Texas CDRS pension commitments


The Texas County & District Retirement System has made $91.25m of capital commitments to alternative asset funds in November.

The pension fund has committed $60m to Cortec Group Fund VII, managed by New York-based buyout house Cortec Group.

Cortec typically invests in mid-market business in the healthcare, B2C and B2B products, distribution, eCommerce, and services sectors.

Pennybacker Capital also received $31.25m commitment from TCDR, for its real estate fund, Pennybacker EIV.

The firm is looking to raise up to $275m for the fund, according to an SEC filing submitted earlier this year.

Pennybacker has secured at least $228m for the vehicle from 33 limited partners, the filing shows.

Earlier this year, TCDR agreed to commit $105m between to two private equity funds managed by KPS Capital Partners.

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