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Hedge Funds

Texas County & District adds to 2 long/short equity funds

Texas County & District Retirement System, Austin, topped up allocations to two existing global long/short equity hedge funds with a total of $80 million.

TCDRS invested an additional $50 million in Senator Global Opportunity Fund, a transaction report showed.

The latest investment in the global long/short equity hedge fund managed by Senator Investment Group is the third from the $27 billion pension fund. It originally invested $100 million in July 2013 followed by $20 million in December 2015.

An additional $30 million was also invested in Lakewood Capital Partners, managed by Lakewood Capital Management, the report showed.

The pension fund has invested a total of $120 million in the fund, beginning with two $10 million investments in 2014, followed by $40 million in 2015 and $30 million in 2016.

With the additional investments in the Senator and Lakewood funds, TCDRS has invested a total of $470 million in six hedge funds year-to-date through Aug. 31, the transaction report showed.