TCDRS invests $45m with San Francisco firm

Texas County & District Retirement System (TCDRS) has committed $45 million to the Roxborough Fund III, an opportunistic real estate fund managed by The Roxborough Group.

A spokesperson for TCDRS confirmed that the investment closed on Jan. 21 and was a first-time commitment with Roxborough.

According to a filing with the SEC, Roxborough Fund III opened to investors in August 2020, but did not disclose an equity fundraising target. The closed-end fund will invest in assets in the United States.

The Roxborough Group, a private real estate investment firm located in San Francisco, focuses on opportunistic investments in real estate assets, high-yield real estate debt, real estate–related businesses and various longer-duration investments.

TCDRS has a 6 percent target allocation to private real estate. This portfolio consists of investments made through private partnerships that acquire an