Texas County & District Retirement System, Austin, hired Viking Global Investors to manage $300 million in long-only global equities, Paul J. Williams, investment officer at the $17.6 billion retirement system, confirmed in an interview.
Viking's hire fills a new 1.5% target allocation to global equity that was approved by the TCDRS board at its Nov. 29-30 meeting.
Funding for Viking's latest investment from Texas County & District will come from a half-percentage-point decrease in the domestic equity target allocation to 13.5% and a one-percentage-point cut in the developed markets equity target allocation to 11%.
Mr. Williams said the new Viking allocation should be funded on Jan. 1, pending successful due diligence on the new investment strategy.
Viking Global already manages $230 million in its flagship long/short global equity hedge fund in the retirement system's hedge fund portfolio.
Separately, $50 million was committed to Rockpoint Real Estate Fund IV, an opportunistic fund managed by Rockpoint Group, and $35 million to private equity fund Silver Point C&I Opportunity Fund III, managed by Silver Point Capital, Mr. Williams confirmed.