Texas County & District Retirement System made its first 2018 commitments to direct lending, earmarking a total of $253 million to two funds, a transaction report showed.
Investment officers of the $28 billion pension fund allocated $153 million to Antares Unitranche Feeder Fund I. Antares Capital, which runs the fund, is a new manager for the Austin-based pension fund.
Separately, TCDRS committed an additional $100 million to Crescent (TX) Direct Lending Fund, a separate account managed by private equity specialist Crescent Capital Group. The pension fund's initial $25 million commitment to the fund was made in July 2016 with a follow-on commitment of $225 million in October 2017. In October 2016, the pension fund committed $100 million to Crescent Capital BDC, another direct lending fund managed by Crescent Capital.