TCDRS confirms $100m in commitments

The US public pension has backed a direct lending vehicle.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $35.7 billion
Allocation to alternatives: 46.4%

Texas County and District Retirement System has approved a $100 million commitment to Comvest Credit Partners V, according to the pension’s recent investment activity report.

Comvest’s fifth direct lending vehicle is in market seeking $1.25 billion in capital commitments. As of September 2020, the fund had raised $658 million in LP capital, according to an SEC filing. The fund series focuses on providing secured and unsecured debt to both public and private companies operating in the lower middle market.

TCDRS has a private debt target allocation of 27 percent which currently stands at 24.2 percent.

As illustrated below, the $35.7 billion US public pension’s recent private debt fund commitments have targeted US-focused funds originating senior levels of debt.

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