TCDRS confirms $150m in commitments

The US pension fund has backed two corporate lending vehicles.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $35.7 billion
Allocation to alternatives: 49.2%

Texas County & District Retirement System has approved $150 million-worth of private debt commitments in March 2021, according to the recent investment activity report on the pension’s website.

The commitments comprised of $100 million to Marblegate Partners Onshore Fund II and $50 million to Alcentra Structured Credit Opportunities Fund IV.

Previously, the US pension fund committed $75 million to Marblegate Asset Management‘s inaugural onshore fundAlcentra is currently in market seeking $500 million of LP capital for its structured credit vehicle.

TCDRS has a private debt target allocation of 29 percent, which currently stands at 24.2 percent.

As illustrated below, the $35.7 billion US pension fund’s recent private debt commitments have primarily targeted North American senior debt origination and distressed debt vehicles.

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