Zero-Registration Public Source Trail · CAFR / Board Packet ← Back to TCDRS (Texas County & District) Profile

TCDRS (Texas County & District) → Pathlight Capital Fund III

Field-by-field provenance and archived filing evidence for one of the 5 open public preview records on TCDRS (Texas County & District)’s profile — accessible without registration.

Institutional Allocator

TCDRS (Texas County & District)

Public Pension Plan · Hub: Texas

Reported Holding / Fair Value

$72.2M

Reported holding / fair value (not original commitment) · As of December 2025

$72,250,000 USD (raw: 72250000)

Strategy & Vintage

Private Credit

2022 Vintage

Cited Archive Anchor

pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf#page=60

PDF p.60/98 · Printed p.58

Page Anchor Mismatch · Not Yet Page-Verified

Open Cited Filing (co.chambers.tx.us) Single-Page Excerpt (PDF p.60) Full-Res Image (PDF p.60)

Provenance & Entity Scope Notice

Page Anchor Mismatch — Fund Row Not Located on Cited PDF Page

The cited financial schedule for TCDRS (Texas County & District) reports period-end portfolio fair market value / carrying value or invested cost ($72.2M) rather than original commitment check size. This figure is classified as Reported holding / fair value (not original commitment) (not an original commitment ticket) so GPs do not mistake current holding value for initial fund commitment size.

Field-Level Provenance & Substantiation Breakdown

Each claim is evaluated independently against the cited table’s headers and units. Different fields on a single record may originate from distinct schedules.

Entity Type: Legal Fund Vehicle · As-of 2025-12-31

Record Field	Recorded Value	Value Type	Substantiation Status	Field-Specific Source Citation & Audit Note
Fund / Legal Vehicle	Pathlight Capital Fund III	Reported	Page Anchor Mismatch	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Fund name was NOT found on cited PDF Page 60 (Printed Page 58) of 'pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf'. Citation likely anchors a cover/summary page rather than the exact holdings schedule page.
Disclosed Holding / Fair Market Value	$72.2M (raw: 72250000)	Reported	Holding / Fair Value (Not Commitment)	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Substantiated on cited holdings schedule (exact_or_unspecified, USD) reporting portfolio fair market / carrying value rather than the allocator's original commitment check size.
Fund Vintage Year	2022	Reported	Not Yet Page-Verified	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Retained from allocator disclosure / fund vintage registry without substituting filing year.
Net IRR	13.90%	Reported	Not Yet Page-Verified	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Reported in allocator performance dataset (as of 2025-12-31); page-level column header not locally archived.
TVPI / Net Multiple	1.58x	Reported	Not Yet Page-Verified	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Reported in allocator performance dataset (as of 2025-12-31); page-level column header not locally archived.
DPI (Realized Multiple)	0.58x	Reported	Not Yet Page-Verified	pdf_archive/Texas_County_District_TCDRS/TCDRS_2023_ACFR.pdf (PDF Page 60 of 98 · Printed Page 58) Reported in allocator performance dataset (as of 2025-12-31); page-level column header not locally archived.

Archived Filing Excerpt — PDF Page 60 of 98 (Printed Page 58)

Table Class: Nav Or Fair Value Holdings

Archived file TCDRS_2023_ACFR.pdf · Detected Table Title: F: LISTS OF LARGEST HOLDINGS1 · Table Units: exact_or_unspecified (USD). Full horizontal row highlighting retains surrounding headers, units, and footnotes.

Download Single-Page PDF

Detected Table Columns: Fair Value / NAV

Row Match Notice: Target fund name was not matched on this cited PDF page index.

Page Footnotes: 1 A complete listing of all securities TCDRS owned at Dec. 31, 2023, is available upon

Archived File Integrity Checksum (SHA-256): 708f538de2cd4d54…0025cb8ce20d — SHA-256 is a file-byte integrity check confirming the archived file has not changed since retrieval. It does NOT prove factual or extraction accuracy.

Archived filing excerpt from TCDRS_2023_ACFR.pdf, PDF viewer page 60 (printed page 58), highlighting row for Pathlight Capital Fund III

All 5 Open Public Source Trails for TCDRS (Texas County & District)

Click any preview record below to inspect its primary source trail without registration

Open Trail #1 of 5 CAFR / Board Packet · PDF p.60

Patient Square Equity Partners, LP

Buyout · 2023 $142.8M

Open Trail #2 of 5 CAFR / Board Packet · PDF p.60

Paul Capital IX

Private Equity · 2023 $109.2M

Open Trail #3 of 5 CAFR / Board Packet · PDF p.60

Peak Rock Capital III

Private Equity · 2023 $81.8M

Open Trail #4 of 5 CAFR / Board Packet · PDF p.60

Partners Grp Direct Infra IV

Real Assets · 2023 $51.5M

Open Trail #5 of 5 CAFR / Board Packet · PDF p.60

Pathlight Capital Fund III

Private Credit · 2022 $72.2M

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