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Alternative Assets  + Private Debt  + Private Equity  |  November 13, 2024
Texas Retirement Eyes Distressed Debt, Private Equity
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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