Texas County & District Retirement System, Austin, committed $50 million to Accel-KKR Credit Partners II on May 6 from the system's $4.8 billion direct lending portfolio, a transaction report for the $43.9 billion pension fund showed.
The retirement system's investment officers committed $39 million in December 2016 to the first fund in the direct lending fund series managed by Accel-KKR.
As of Dec. 31, TCDRS' actual allocation to direct lending was 11% vs. a target of 16%.
Year-to-date May 6, the pension fund has committed a total of $1.1 billion to eight direct lending strategies managed by eight managers, the 2022 transaction report showed.
In all of 2021, TCDRS committed a total of $1.6 billion to 16 direct lending funds run by 13 money managers, according to the system's 2021 transaction report.
