Texas County & District Retirement System, Austin, made its first commitment of the year from its $467 million distressed debt portfolio, a transaction report showed.
The $33.4 billion pension fund committed $50 million to Marblegate Tactical Opportunities Fund III Onshore, run by existing manager Marblegate Asset Management. Marblegate will seek middle-market deals by identifying "mispriced investment opportunities that can result from a variety of events including liquidity crises, restructurings, mergers, spinoffs, leveraged buyouts or credit rating changes," according to the firm's most recent ADV filing with the SEC.
In 2019, TCDRS made one commitment — $150 million — to distressed debt.
