Texas County & District Retirement System committed $150 million to Blackstone Real Estate Debt Strategies IV, a direct lending fund, a transaction report showed.
Investment officers of the $31.9 billion Austin-based fund previously committed $100 million in 2016 to the predecessor fund in the same fund family managed by Blackstone Group. The fund's portfolio managers will seek investments in public and private real estate debt globally.
TCDRS' latest commitment to direct lending is the third to the sub-asset class for a total of $500 million this year through Oct. 17 from the system's $2 billion direct lending portfolio, the transaction report showed.
In 2018, fund officials committed a total of $995 million to five direct lending strategies.