Texas County Retirement approves $350m in commitments

TCDRS kicks off 2022 with $350m in allocations across two private debt vehicles.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $42 billion
Allocation to alternatives: 52.6%

Texas County & District Retirement System has approved a $200 million commitment to Cerberus Real Estate Debt Fund II and a follow-up commitment of $150 million to Crescent (TX) Direct Lending Fund, according to the pension’s recent investment activity published on its website.

This brings the overall commitment amount to $600 million to the direct lending fund. Previously in 2019, the Texan retirement system had allocated $150 million to the predecessor fund of the real estate debt series.

The $42 billion public retirement system has a target allocation of 29 percent to private credit facilities, which currently stands at 24 percent. Illustrated below are the recent fund commitments and full investment portfolio for TCDRS.

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