Institution: Employees Retirement System of Texas
Headquarters: Austin, US
AUM: $36.1 billion
Allocation to alternatives: 36.0%
Employees Retirement System of Texas has approved $75 million apiece to Benefit Street Partners Contingent Opportunities and Benefit Street Partners Special Situations Fund II, a spokesperson at the institution informed Private Debt Investor.
Benefit Street Partner is managing both funds; according to the SEC fillings it is understood that both the distressed credit vehicles were launched last year. The target sizes are yet to be disclosed by the fund manager.
ERS Texas currently allocates 0.7 percent of its investment portfolio to private debt investment, under the target allocation of 1.0 percent.
As illustrated below, recent fund commitments approved by the $36.1 billion pension funds have predominantly targeted North American distressed lending and senior debt vehicles across Europe.
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