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Alternative Assets  + Private Debt  + Private Equity  | 
Texas Retirement Eyes Distressed Debt, Private Equity

Texas Retirement Eyes Distressed Debt, Private Equity

The Texas District and County Retirement System (TCDRS) has included three funds into its private markets portfolio in recent weeks, according to recent meeting filings.

This year has been active for the fund’s strategic credit, distressed debt, direct lending, and private equity initiatives. The recent commitments of $128 million follow annualized net profits above 10% for the year ending June 30, 2024.

TCDRS allocated $25 million to Silver Point Select Overflow Fund in the $1.8 billion distressed debt portfolio. In private equity, two funds were selected: AKKR Strategic Capital ($72.5 million) and Novacap TMT International NV ($30 million).

The AKKR fund is managed by Accel-KKR, while the Novacap-managed fund is the most recent addition to its TMT investment strategy. The firm aims to pursue control growth investments in profitable technology and technology-enabled enterprises.

The tech buyout fund is focused on sectors such as software, business services, Internet infrastructure, and e-commerce, encompassing solutions in the energy and healthcare markets.

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Inside The Story

Texas County and District Retirement System

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.