The $30bn Texas County & District Retirement System (TCDRS) has invested €75m ($85.4m) in AnaCap Financial Partners.
The commitment to AnaCap Credit Opportunities IV fund, made on 14 November, is part of the system’s distressed debt portfolio.
Earlier this year TCDRS allocated $100m to the Silver Point Distressed Opportunity Institutional Partners fund and $75m to Marblegate Partners Onshore Fund I.
London-based AnaCap manages €3.2bn in private equity, credit opportunities strategies and co-investments, according to its web site.
Joe Giannamore founded the firm in 2005 and leads the firm today as its CEO and CIO. Justin Sulger manages AnaCap’s €1bn credit arm. He joined in 2006 after working in Morgan Stanley’s securitised products group in London.
TCDRS’ distressed debt portfolio, with a 2% target, is housed within its broader credit bucket, which has a 20% ($6bn) target.
As of 30 September, the distressed debt portfolio comprised about $489m in assets.
For the 12 months ended 30 September, it returned 13.4% annualised. Its three-, five- and 10-year annualised returns were 11.2%, 10.4% and 10.1%, respectively.
Earlier this month the pension fund topped up its investment in the Napier Park-TX Opportunistic Credit fund by $50m.
TCDRS uses Cliffwater as its consultant.
Texas County & District adds to distressed with AnaCap mandate on HFM InvestHedge.