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Texas County & District commits $100 million to direct lending fund

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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.