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Recent Investment Activity
See our recent board activity and investment commitments.
Board of Trustees
March 2026
The board approved the 2026 capital market assumptions as recommended by NEPC. The board also adopted the 2026 asset allocation plan as proposed by CIO and NEPC. Finally, the board updated the investment policy to reflect these changes.
Past Board Meetings
September 2025
The board approved changes to the Investment Policy as suggested by staff, investment consultants and the board’s fiduciary attorney. The material changes involve revising the TCDRS private equity co-investment policy as well as clarifying the requirements for investing in private equity continuation vehicles. The changes help TCDRS lower overall costs and increase efficiency when analyzing potential investments.
March 2025
The board approved the 2025 capital market assumptions as recommended by Cliffwater. The board also adopted the 2025 asset allocation plan as proposed by CIO and Cliffwater. The board updated the investment policy to reflect these changes. Finally, the board voted to retain NEPC as the general investment consultant and Albourne as the alternative investments consultant.
About TCDRS
Explore Why We’re Different
recent investments
Commitments
Explore our most recent investment activity below, or use the dropdowns to search years’ past.
| Asset class | Closing/subs date | Manager name | Commitment | View archive |
| Hedge Funds | - | - | - | |
| Strategic Credit | - | - | - | |
| Distressed Debt | January 30, 2026 |
Ares Special Opportunities Fund III, L.P. |
$150 Million |
|
| Direct Lending | January 6, 2026
February 27, 2026 March 17, 2026 March 27, 2026 March 31, 2026 April 3, 2026 |
LuminArx Opportunistic Alternative Solutions Onshore Fund LP Blue Owl Real Estate Capital Fund VII LP TPG Direct Lending (TX), L.P. Blackstone Life Sciences VI L.P. Carlyle Asset-Backed Income Strategic Partnership, L.P. Ares Pathfinder Fund III, L.P. |
$200 Million
$150 Million $250 Million $175 Million $150 Million $200 Million |
|
| Private Equity | February 18, 2026 April 3, 2026 April 3, 2026 |
Lexar Partners Fund II Cooperatief U.A. Spark Capital Growth Fund VI, L.P. Spark Capital IX, L.P. |
€40 Million $70 Million $30 Million |
|
| Private Real Estate | - | - | - |