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Texas County & District places $150 million in distressed debt fund

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Texas County & District Retirement System, Austin, committed $150 million to a new distressed debt fund, a transaction report showed.

Investment officers of the $40.7 billion pension fund made the commitment to Ares Special Opportunities Fund II, managed by Ares Management, from the retirement system’s $1.1 billion distressed debt portfolio.

Ares portfolio managers will seek debt and equity investments in public and private companies experiencing financial distress.

As of Oct. 26 and including the Ares fund, TCDRS committed a total of $548 million to five distressed debt managers running five strategies,

For all of 2020, the pension fund’s investment team committed a total of $385 million to four strategies managed by four firms, according to a transaction report for that year.