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Texas County & District adds $100 million to credit, hedge fund portfolios

Texas County & District Retirement System, Austin, topped up its commitment to Beach Point TX SCF with an additional $50 million, a transaction report showed.

In February, investment officials of the $28.6 billion pension fund earmarked $50 million to the opportunistic credit separate account managed by Beach Point Capital Management.

The pension fund initially committed $200 million to the separate account in July 2017.

The two allocations to the Beach Point strategy are the fund's only commitments to opportunistic credit year-to-date.

Separately, the fund invested an additional $50 million in CQS Directional Opportunities Fund, a multistrategy hedge fund managed by CQS (U.K.).

TCDRS' initial $100 million investment in the CQS fund was made in December 2017.

TCDRS has invested a total of $75 million in hedge funds so far this year, including the latest CQS allocation.

In January, the pension fund invested an additional $25 million in Putnam Bluescale Fund for a total of $150 million. The long/short equity hedge fund is managed by Putnam Investments.