Texas Municipal Retirement System, Austin, made its first opportunistic credit investments totaling $700 million, pending successful contract negotiations, spokesman Bill Wallace said in an e-mail.
Of that, a total of $300 million was invested in three Marathon Asset Management funds — $150 million to Marathon Structured Product Strategies Fund, $100 million to Marathon European Credit Opportunity Fund III and $50 million to Marathon CLO Equity Fund.
Additionally, the pension fund allocated $200 million each to Beach Point Capital Management’s Total Return Fund II and Pacific Investment Management Co.’s Corporate Opportunities Fund II.
The $24 billion pension fund has a 2.9% opportunistic credit target.
