Texas County & District tops up Napier Park fund with another $50 million commitment

Texas County & District Retirement System, Austin, committed an additional $50 million to Napier Park-TX Opportunistic Credit Fund, bringing the total committed to the separately managed account to $300 million, according to a transaction report for the $29.2 billion pension fund.

TCDRS investment officers have methodically increased the commitment to the customized strategic credit strategy, managed by Napier Park Global Capital, since the initial commitment of $100 million in July.

Follow-on commitments to the strategy of $50 million each were made in September, November and December last year in addition to the most recent commitment made Friday.

The latest commitment to Napier Park is TCDRS' third to strategic credit year-to-date for a total of $250 million.

In 2018, the pension fund's investment team committed a total of $1.1 billion to strategic credit strategies managed by seven firms.