Texas County & District pledges $150 million to 2 funds

Texas County & District Retirement System committed a total of $150 million to two funds from its strategic credit allocation, a transaction report showed.

Investment officers of the $29.4 billion Austin-based fund committed $100 million to Napier Park – TX Opportunistic, a customized separate account managed by Napier Park Global Capital.

Napier Park Global Capital is a new manager for the pension fund.

The pension plan also committed $50 million to Accel-KKR Growth Capital Partners III, which will focus on investment in U.S. technology companies.

TCDRS has previously committed or invested a total of $155 million in four earlier funds managed by Accel-KKR.

With the inclusion of the Napier Park and Accel-KKR funds, TCDRS has committed a total of $625 million to seven strategic credit funds year-to-date through July 24.

The 2018 commitment level so far is significantly higher than in each of the prior three years, with two commitments totaling $250 million made in 2017, one $100 million commitment in 2016 and two commitments totaling $350 million in 2015, the transaction report showed.