Texas County & District Retirement System, Austin, committed $300 million to a new credit manager, 400 Capital Management, from the fund's $3.3 billion strategic credit portfolio, a transaction report showed.
Investment officers of the $30.4 billion defined benefit plan earmarked the commitment to 400 Capital TX COF I, a separate account, confirmed Russ Rhea, a spokesman for the fund, in an email.
Trustees approved a commitment to 400 Capital on April 11, according to board meeting minutes.
Including the 400 Capital commitment, as of Aug. 9, TCDRS has committed a total of $925 million to six strategies managed by six managers. Last year, the fund committed $1.05 billion to eight strategic credit strategies managed by seven managers, transaction reports showed.