Texas Municipal Retirement System, Austin, allocated $768.75 million total to six managers, spokesman Bill Wallace said in an e-mail.
In opportunistic credit, the $24.3 billion pension fund hired GoldenTree Asset Management to manage $200 million; Waterfall Asset Management, $200 million; and Bain Capital Credit, $100 million.
In private credit, the pension fund committed $200 million to Adams Street Private Credit Fund, a direct lending fund managed by Adams Street Partners.
In private equity, the pension fund committed $50 million to Incline Equity Partners IV, a lower middle-market buyout fund, and $18.75 million to GSO Capital Opportunities Fund III, a mezzanine debt fund, managed by GSO Capital Partners.
The GSO commitment was made by the pension fund’s executive director, David Gavia.
The pension fund has a 20% non-core fixed-income target and a 5% private equity target.