TCDRS approves $500m commitment

The US public pension has backed a European direct lending fund.

Institution name: Texas County and District Retirement System
Headquarters: Austin, Texas
AUM: $30.01bn
Allocation to alternatives: 31.13%

Texas County and District Retirement System has finalised a commitment of $500 million to Ares European Credit Strategies Fund X. The direct lending fund invests across Europe and is managed by Ares Management.

The $30.01 billion US public pension has a 20 percent target allocation to private debt that currently stands at 14.72 percent.

As illustrated in the charts below, the US public pension has made five commitments to direct lending funds in 2018, totalling $995 million.

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