
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.