Texas County & District Retirement System, Austin, committed $100 million to Crescent (TX) Direct Lending Co-Investment Fund, managed by Crescent Capital Group, confirmed spokesman Russ Rhea.
It is the $20.7 billion pension fund’s second commitment to direct lending.
Last week the board approved a 2% target allocation, or about $400 million in current dollars, to direct lending. Funding for the new asset class came from a reduction of the high-yield bond allocation to 3% from 5%.
Mr. Rhea declined to provide additional information on the Crescent fund.