Texas County & District Retirement System, Austin, committed a total of $230 million to two alternative investment strategies, a transaction report from the $33.4 billion pension fund showed.
The largest commitment was $150 million from the pension fund's $2.4 billion direct-lending portfolio to Cerberus Real Estate Debt Fund. Cerberus Capital Management is a new manager for TCDRS.
The Cerberus allocation is the third direct lending commitment made by the pension fund's investment staff year-to-date March 13, bringing the total to $467 million. In all of 2019, TCDRS investment officers committed a total of $986 million to six strategies run by six managers.
The private equity team continues to commit significant capital from the pension fund's $5.3 billion private equity portfolio, with the most recent commitment of €75 million ($80 million) awarded to Summit Partners Europe Growth Equity Fund III. Summit Partners is an existing manager for the pension fund.
Through March 18, TCDRS committed a total of $673 million to 10 private equity/venture capital funds managed by nine firms, including the Summit Partners' commitment.
In the year ended Dec. 31, TCDRS committed a total of $1.2 billion to 28 funds managed by 27 firms, transaction reports showed.