News & Analysis

TCDRS announces over $650m in commitments

The Austin-based pension joins HPS to establish a $400m direct lending vehicle and also makes $275m of commitments across other debt strategies.

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Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $40.8 billion
Allocation to alternatives: 52.6%

Texas County & District Retirement System has approved $650 million-worth of commitments across four debt vehicles, according to the pension’s recent investment activity published on its website.

The commitments comprise $400 million to HPS Specialty Loan Fund TX, $150 million to Ares Special Opportunities Fund II, $100 million to Pathlight Capital Fund II and a follow-on commitment of $25 million to Taconic CRE Dislocation Onshore Fund III. The pension fund had previously committed $100 million to the third dislocation fund back in April.

TCDRS has a private debt target allocation of 29 percent, which stands at 24 percent. Earlier this year, Private Debt Investor reported the pension fund’s revised investment policy for the asset class. Illustrated below are the $40.8 billion retirement system’s recent fund commitments and full investment portfolio.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.