The $34.5 billion Texas Municipal Retirement System, Austin, committed or invested $1.2 billion to 10 money managers and terminated two money managers with combined assets of $933 million in May and June, a transaction report showed.
Investment officers directed $790 million to six managers within the system's $6.2 billion non-core fixed-income portfolio.
The largest allocation was $390 million in commitments to bank loan and collateralized loan obligation funds, with $210 million earmarked for Octagon Credit Investors and $180 million to GSO Capital Advisors.
AllianceBernstein received a $200 million allocation for investment in emerging market debt, while Goldentree Asset Management received a $100 million commitment to opportunistic credit.
A total of $100 million was committed to two structured credit managers. Voya Investment Management received a $60 million commitment and Ellington Management Group, $40 million.
TMRS' report did not identify which non-core fixed-income funds TMRS committed to or invested in.
From the $3.1 billion real estate portfolio, TMRS committed $150 million to Virtus Real Estate Capital III, a non-core, value-added fund.
A $150 million commitment also was made to Grain Management for investment in Grain Communications Opportunity Fund III from the system's $3.9 billion real return portfolio. Portfolio managers focus on the acquisition of communications assets. .
TMRS invested $75 million in RedCo II, a health-care-focused long-short equity hedge fund managed by Redmile Group, from the $3.3 billion absolute-return portfolio.
From TMRS' $1.5 billion private equity/venture capital portfolio, investment officers committed $25 million to FG Flatirons I, a separately managed venture capital account, run by Foundry Group.
TMRS also terminated two managers, according to the report.
Pacific Investment Management Co. was terminated for investment of $790 million in a core-plus bond fund within the system's $3.9 billion core fixed-income portfolio.
DSAM Partners also was terminated for management of $143 million invested in DSAM+ Fund, a long-short equity hedge fund from within the absolute-return portfolio.
TMRS CIO T.J. Carlson said in an email that the system "does not comment on manager terminations."
