Texas ERS re-ups in LGT and Industry Ventures funds

The pension fund has continued its support of the two firms' secondaries platforms with almost $400m in new commitments.

The Employees’ Retirement System of Texas (ERS) has re-upped into LGT Capital Partners’ and Industry Ventures’ secondaries platforms with commitments to four of the firms’ funds.

The pension made a $200 million commitment to LGT’s Crown Global Secondaries IV and $100 million to its Crown Secondaries Special Opportunities in April, a spokeswoman for ERS confirmed. ERS also invested in Global Secondaries III and II, according to PEI Research and Analytics, but it is unclear whether it invested in the first fund of series.

Crown IV is targeting $2.5 billion and launched in June, according to PEI data. It was not clear how much LGT is seeking for Crown Secondaries Special Opportunities.

ERS also re-upped in San Francisco-based Industry Ventures‘ latest dedicated secondaries fund with a $40 million commitment to Industry Ventures Secondary VIII. The pension also committed $47.5 million to Industry Ventures Special Opportunities Fund III.

The venture capital secondaries specialist is seeking $425 million and $100 million for those funds respectively, according to PEI data.

ERS manages about $25 billion in assets on behalf of over 540,000 state employees, retirees and their dependents in the state of Texas, according to its website.