Texas County & District Retirement System, Austin, made a follow-on commitment of $150 million to Ares European Credit Strategies Fund X.
The $49.7 billion pension fund disclosed the Jan. 21 follow-on commitment to the direct lending fund managed by Ares Management in an investment activity update on its website.
TCDRS originally committed $500 million to the fund in December 2018.
As of Sept. 30, the pension fund’s actual allocation to direct lending was 14.2%; the target is 16%.