Texas County & District Retirement System, Austin, disclosed five new commitments totaling $418 million.
The $49.7 billion pension fund committed $175 million to Arbour Lane Credit Opportunity Fund IV (A), a distressed debt fund managed by Arbour Lane Capital Management; $100 million to Crescent Direct Lending Levered Fund IV (Delaware), a direct lending fund managed by Crescent Capital Group; $60 million to middle-market buyout fund GTCR Strategic Growth Fund II; €50 million ($53 million) to Nordic growth equity fund Adelis Equity Partners Fund IV; and $30 million to TCG Labs Opportunity I, a venture capital fund managed by The Column Group, according to an investment activity update on its website.
The commitments were completed between Dec. 9 and Dec. 23.
All are existing managers for the pension fund. TCDRS previously committed $175 million to Arbour Lane Credit Opportunity Fund III, $58 million to GTCR Strategic Growth Fund I, and €50 million to Adelis Equity Partners Fund III, all in 2021, and $30 million to TCG Crossover Fund II in 2024.
TCDRS also invests in Crescent (TX) Direct Lending Fund, a customized direct lending separate account. The pension fund originally invested $25 million in the account in July 2016 and made additional investments of $225 million in May 2017, $100 million in February 2018, $150 million in February 2022 and $50 million in August 2024.
As of Sept. 30, the pension fund’s actual allocations to private equity, direct lending and distressed debt were 26.2%, 14.2% and 3.7%, respectively; their respective targets are 25%, 16% and 4%.
