(updated with correction)
Texas County & District Retirement System, Austin, committed $200 million to Highfields Capital IV, according to a transaction report on the fund's website.
The hedge fund is managed by value-oriented multistrategy specialist Highfields Capital Management.
Also this month, the $17.5 billion TCDRS committed $100 million to OZ European Credit Opportunities Domestic Partners fund, managed by Och-Ziff Capital Management Group. The latest commitment brings the amount the system invested with or committed to Och-Ziff to $240 million.
Separately, TCDRS trustees revised the fund's target asset allocation for the second time in 2011, Paul J. Williams, investment officer, confirmed in an interview. The first allocation changes were made in March. The following target asset allocation changes were approved at the fund's December board meeting: hedge funds, 25% from 20%; high-yield bonds, 16% from 13%; domestic equity, 14% from 16%; and international equity-developed country countries, 12% from 15%. A 3% target allocation to U.S. TIPS was eliminated. Targets remained the same for core fixed income, 10%; private equity, 10%; international equity-emerging markets, 6%; REITs, 3%; private real estate partnerships, 2%; and commodities, 2%.
The board also approved asset allocation ranges around the new targets, Mr. Williams said.