Texas County & District Retirement System, Austin, committed a total of $367 million to four opportunistic credit funds, according to a transaction report on the $17.6 billion pension fund's website.
The retirement system committed $100 million to the AG TCDRS Diversified Income Fund, managed by Angelo Gordon; $67 million to Canyon-TCDRS, managed by Canyon Capital Advisors; and $50 million to AG Diversified Credit Strategies fund, also managed by Angelo Gordon.
The pension fund also made an additional $150 million commitment to OZ Structured Products Domestic Partners II, managed by Och-Ziff Capital Management. The retirement system committed $100 million to the fund in August.
Paul Williams, investment officer, said in an e-mail the commitments were a result of a “reallocation within the high-yield asset class,” with high-yield bonds reduced by a similar margin. He declined to comment further.