Texas Retirement Invests $445M in Credit, Infra Funds

The Texas Municipal Retirement System (TMRS) has announced $445 million of alternative assets commitments, according to recent documents.

London-based independent asset manager Chorus Capital, which specializes in risk-sharing transactions with banks, received $200 million for its Chorus Capital Credit Fund V, the successor to the $1.6 billion Fund IV that the firm closed in 2021. The San Francisco City & County Employees’ Retirement System was the latest notable limited partner to commit to the fund, pledging up to $75 million.

The San Francisco Retirement allocation followed earlier commitments including $100 million from the Texas County and District Retirement System and $20 million from the Rhode Island State Investment Council.

TMRS also revealed a $150 million commitment to SDC Digital Infrastructure Opportunity Fund IV, a fund managed by SDC Capital Partners. The New York-based firm filed its intentions with the SEC in January to begin fundraising for its fourth opportunity fund. While it did not set a target amount for the vehicle, it said it does not expect the fundraise to last more than a year.

TMRS has also earmarked $75 million to Flagship Pioneering Fund VIII and another $20 million to BCIS El Dorado Investors.