Investment officers of the $42.7 billion Texas County & District Retirement System, Austin, committed a total of $290 million to two existing alternative money managers, according to a report on the system's website.
The largest commitment was $250 million to Silver Point Distressed Opportunity Institutional Partners II. The fund is managed by Silver Point Capital.
The fund's managers will seek investment in distressed corporate debt in North America.
Funding for the Silver Point commitment was from TCDRS' $1.6 billion distressed debt portfolio, which has a target allocation of 4% of total plan assets. The portfolio's actual allocation as of March 31 was 3.7% according to a TCDRS report.
From the system's $11.7 billion private equity portfolio, $40 million was awarded to KPS Special Situations Mid-Cap Fund II, the report said.
KPS Capital Partners' portfolio managers will invest in corporate debt in North America. The system's target allocation to private equity is 25% of plan assets. As of March 31, the actual allocation to private equity was 27% of the system's total assets.