Texas County & District Retirement System, Austin, committed a total of $175 million to three alternative investment strategies at the end of August, a transaction report showed.
In distressed debt, $75 million was committed to a new manager, Marblegate Asset Management, for investment in Marblegate Partners Onshore Fund I. The fund seeks middle-market credit investment opportunities.
The $30.2 billion pension fund also committed $50 million to Technology Crossover Ventures X, a late-stage venture capital fund. It has committed to the previous two funds in TCV's series.
Also, the pension plan made an additional $50 commitment to China-focused Joy Capital II. The plan's initial $40 million commitment to the fund was made in August 2017. The venture capital fund will provide early-stage funding to companies in China's technology, media and telecom sectors. TCDRS previously invested in the first venture capital fund in Joy Capital's series.
Including the two most recent commitments, Texas County officials committed a total of $567 million to 10 private equity/venture capital strategies as of Aug. 31 so far this year. In 2017, a total of $1.238 billion was committed to 25 funds.
With the addition of Marblegate, TCDRS has committed a total of $175 million to distressed debt so far this year compared to a commitment of $75 million to one strategy the previous year.