Speaking in Austin, the Texas Teacher Retirement System CIO said the $235.2bn fund is staying on the sidelines for now as it watches for credit-market opportunities.
He said major asset owners are prioritising liquidity and whole-fund thinking amid heightened uncertainty, while also addressing TPA alongside private equity cashflow dynamics.
The comments indicate a cautious stance by one of the largest US public pension investors as market volatility shapes allocation decisions and timing for future credit investments.
As pension funds flee private credit, are 401(k) investors now unknowingly buying into the market's most dangerous moment?
With record defaults, is private credit a 'cockroach' to avoid or the biggest distressed debt opportunity since the 2008 financial crisis?