Texas County & District Retirement System's last commitment in 2019 was to a direct lending fund run by existing manager Blackstone Group, a transaction report showed.
On Dec. 31, investment officers of the $32.1 billion pension fund committed $125 million to i-Capital Blackstone Life Sciences V Access Fund from the pension fund's $2.2 direct lending portfolio. Earlier in 2019, TCDRS committed $150 million to another Blackstone direct lending fund, Blackstone Real Estate Debt Strategies IV.
Including the most recent Blackstone fund commitment, TCDRS committed a total of $975 million to five direct-lending funds in 2019, nearly equal to the $995 million committed to five strategies in 2018, the transaction report showed.
