Fort Worth commits to direct lending fund, redeems from Brevan Howard

Fort Worth (Texas) Employees' Retirement Fund committed $15 million to White Oak Yield Spectrum Fund, said Joelle Mevi, executive director and chief investment officer, in an email.

The direct lending fund managed by White Oak Global Advisors will fall under the $2.2 billion pension fund’s inflation portfolio, which has an 8% target.

Separately, the pension fund will redeem its investment in global macro hedge fund Brevan Howard Master Fund, managed by Brevan Howard Asset Management. Assets will be reallocated to a new global macro hedge fund, which has not yet been determined, Ms. Mevi wrote.

Further information on whether a formal search will be launched for a new hedge fund, the reason for the Brevan Howard redemption and size of the pension fund’s investment could not be learned by press time.