Chief investment officer Jase Auby said the $235.2 billion Austin-based fund is staying on the sidelines while assessing prospects for a credit market dislocation.
He also discussed TPA and private equity cashflow, indicating the pension system is monitoring liquidity and deployment conditions before committing capital.
The stance suggests the retirement system is preserving flexibility to invest if market stress creates more attractive credit entry points.
As a $235B fund pauses, is private credit facing a meltdown or offering the best buying opportunity in a decade?
As experts warn of a private market 'meltdown,' why might these risky assets soon appear in your 401(k)?
With returns now matching public markets, is the high-fee, high-risk private equity model fundamentally broken?