Texas County & District Retirement System, Austin, committed $100 million to Marblegate Partners Onshore Fund II, its second distressed debt fund this year, a transaction report from the $35.7 billion fund showed.
Existing manager Marblegate Asset Management was awarded the commitment from the system's $918 million distressed debt portfolio.
TCDRS investment officers previously committed $75 million in August 2018 to the earlier fund in Marblegate's fund series. Both funds seek investments in middle-market credit opportunities primarily in North America.
As of April 1, including the Marblegate fund, TCDRS committed $200 million to two distressed debt funds managed by two firms.
In 2020, the system committed $385 million to four distressed debt funds from four managers, a transaction report showed.