The Texas County & District Retirement System (TCDRS) allocated an additional $1 billion to hedge fund strategies in March, HFMWeek reports. TCDRS invested in 20 funds, including total additional investments of $120 million to three credit funds and $220 million to five multi-strategy funds.

It also made five new allocations as part of a separate distressed debt portfolio, giving $30 million each to Avenue Europe Special Situations, Santaky Credit Opportunities V, Victory Park Capital II and Davidson Kempner Long-Term Distressed Opportunities Fund. TCDRS invested $50 million in Oaktree Capital Management’s European Prinicipal Fund III.

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