Texas County & District Retirement System, Austin, finished the buildout of its hedge fund portfolio with a $175 million allocation to hedge fund manager Graham Capital Management for investment in the firm's managed futures flagship, Graham Global Investment Fund.
The latest investment, made Feb. 1, is the $18 billion fund's second investment in a managed futures strategy, confirmed Paul J. Williams, TCDRS's investment officer, in an interview. On Dec. 1, $175 million was invested in Winton Futures Fund, managed by Winton Capital Management.
Also on Feb. 1, the system funded a $130 million investment in Asian Century Quest, a long/short Asian equity hedge fund managed by Asian Century Quest Capital.
Mr. Williams said “I'm done” with regard to the buildout of the fund's hedge fund portfolio, which at $4.55 billion has reached the 25% target allocation.
Last year, fully half of the system's target hedge fund allocation or $2.305 billion was invested.