Updated with correction
Texas County & District Retirement System committed a total of $399 million to three alternative investment funds, transaction reports from the $30.4 billion pension fund showed.
From the $3.3 billion strategic credit portfolio, $300 million was committed to OWS Credit Opportunity Fund, managed by One William Street Capital Management, a new manager for the Austin-based defined benefit plan.
The commitment to the relative-value structured-credit fund was the single largest made by TCDRS' investment team to strategic credit so far this year.
Including the OWS Credit fund, a total of $625 million has been committed to five strategic credit funds this year as of July 1. In 2018, TCDRS made 13 commitments totaling $1.05 billion to seven funds, a transaction report showed.
The pension fund's investment officers committed $55 million to China-focused venture capital fund Joy Capital III, from the $4.6 billion private equity portfolio. Joy Capital is an existing manager.
TCDRS also committed £35 million ($44 million) to Synova Capital Fund IV, a private equity fund focused on investment opportunities in the U.K. in sectors including technology, business services and financial services. This is the fund's first commitment to Synova Capital.
Commitments to private equity and venture capital year-to-date July 9, including those made to Joy Capital and Synova, totaled $980 million to 16 funds, close to the total of $1 billion committed in all of 2018. Last year, TCDRS investment officers made commitments to 19 private equity and venture capital funds run by 14 asset managers, according to transaction reports.
