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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.

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