Texas County & District Retirement System, Austin, invested $150 million in Arbour Lane Credit Opportunity Fund II, a transaction report showed.
The hedge fund's manager, Arbour Lane Capital Management, a special situations credit manager, is new to the money manager roster of the $29.8 billion pension fund, a transaction report showed.
TCDRS' investment staff stepped up the pace of commitments and investments from the fund's $2.2 billion strategic credit portfolio, compared to each of the previous three years.
The transaction report showed that with the addition of the Arbour Lane fund, a total of $375 million was invested or committed to four strategic credit funds year-to-date May 8.
In contrast, the pension fund committed a total of $250 million to two funds in 2017, $100 million to one fund in 2016, and $350 million to two strategies in 2015.
