The $40.7 billion Texas County & District Retirement System, Austin, committed an additional $23 million to Cheyne European Strategic Value Credit Fund II SP in July from the fund's $1.1 billion distressed debt portfolio, a transaction report showed.
The system initially committed $150 million to the fund, managed by Cheyne Capital Management, in December 2020.
With the addition of the commitment to the Cheyne fund, TCDRS investment officers committed a total of $398 million to four distressed debt funds run by four managers as of Aug. 31. For all of 2020, the system committed a total of $385 million to distressed debt.
