The Texas County & District Retirement System has hiked its absolute return target allocation to 15% from 10% in addition to adding commodities as a separate asset class.
The board of the $15 billion retirement fund hired Wellington Trust Company and Schroder Investment Management North America as commodities managers to handle the new $300 million allocation. Meanwhile, a RFP for additional hedge fund investments has not yet been publicly issued.
Over one year ago, the system's absolute return portfolio was invested in 26 partnerships totalling $1.4 billion of capital. Strategies already housed in the programme are credit, distressed, equity