TCDRS confirms $100m commitment

The US public pension has backed Taconic Capital's third real estate opportunistic credit vehicle.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $35.7 billion
Allocation to alternatives: 49.2%

Texas County and District Retirement System has approved a commitment of $100 million to Taconic‘s third onshore CRE Dislocation Fund, according to the recent investment activity on the pension’s website.

The New-York based fund manager is currently in market seeking to raise $1 billion in LP capital commitments. Previously, Taconic Capital has targeted $400 million for the predecessor vehicle. In March 2021, TCDRS has made a $100 million commitment to the fund manager’s third European Credit Dislocation Fund.

The $35.7 billion pension fund currently has a 6 percent target allocation to private real estate which currently stands at 3.1 percent.

As illustrated below, TCDRS’s recent private real estate commitments have predominantly targeted North American and European opportunistic vehicles across multiple sectors.

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