Texas County & District Retirement System, Austin, Texas, made its 11th commitment to a direct lending fund so far this year, a transaction report for the $40.7 billion pension fund showed.
Investment officers earmarked $100 million for Pathlight Capital Fund II on Nov. 5 from the retirement system’s $3.8 billion direct lending portfolio. Pathlight is a new manager for TCDRS.
The pension fund’s portfolio managers will provide transitional capital in the form of asset-based loans to North American companies in a broad range of industries.
With the addition of Pathlight Capital Fund II, TCDRS has committed a total of $910 million year-to-date Nov. 5 to 11 direct lending funds managed by 10 managers, the retirement system’s 2021 transaction report showed.
In all of 2020, TCDRS committed a total of $867 million to eight direct lending funds managed by seven firms, the report for that year showed.