Signal explorer

$150M commitment to Ares Special Opportunities Fund III.

At the September 11, 2025 board meeting, CIO Casey Wolf presented recommended updates to the investment policy concerning due diligence required for private market investment vehicles. The Board approved the amendment (Trustees Williamson, Taylor and Keister voting no; motion carried). TCDRS manages assets with NEPC (general consultant) and Albourne (private markets); individual external fund commitments are delegated to staff and are NOT itemized in board minutes.