Texas County & District goes with new credit fund from Canyon Capital

Texas County & District Retirement System, Austin, committed $75 million to a new credit fund offered by existing manager Canyon Capital Advisors, a transaction report showed.

Investment officers at the $29.2 billion defined benefit plan made the commitment to strategic credit fund Canyon CLO Fund II on April 1.

TCDRS has previously committed or invested in Canyon Capital's credit and hedge fund strategies, transaction reports show.

The Canyon CLO fund commitment is TCDRS' fourth from its $2.7 billion strategic credit portfolio year-to-date April 1. Including Canyon, the pension fund has committed a total of $325 million to the subasset class in 2019.

In 2018, the pension fund committed a total of $1.1 billion to seven strategies.