Texas County & District Retirement System made its first hedge fund investment so far this year, placing $150 million in Sound Point Credit Opportunities Fund, showed a transaction report from the $24.7 billion Austin-based pension fund.
Portfolio managers of the hedge fund manager, Sound Point Capital Management, will seek both long and short investments in distressed bank debt.
TCDRS invested a total of $575 million in five hedge funds in 2015. The pension fund's hedge fund portfolio totaled $6.2 billion as of June 30.
