Texas County & District Retirement System, Austin, made its first commitment to direct lending this year, awarding an additional $150 million to Crescent (TX) Direct Lending Fund, a transaction report showed.
The fund is a separate account managed by private equity specialist Crescent Capital Group.
The $41.9 billion pension fund's initial $25 million commitment to the fund was made in July 2016 with follow-on commitments of $225 million in May 2017 and $100 million in February 2018, according to transaction reports.
In all of 2021, TCDRS' investment officers committed a total of $1.6 billion to 16 direct lending funds run by 13 managers, the transaction report for the year showed.
