San Antonio Fire & Police Pension Fund allocated $75 million total to six funds, said recently released board meeting minutes.
In real estate, the $2.8 billion pension fund committed $45 million total to four managers:
- $15 million to Covenant Apartment Fund IX, managed by Covenant Capital Group;
- $10 million to Invesco (IVZ) U.S. Value-Add Fund V;
- $10 million to Townsend Real Estate Alpha Fund III, which invests in direct co-investments and secondary funds and is managed by The Townsend Group; and
- $10 million to Rockpoint Real Estate Fund VI, managed by Rockpoint Group.
In real assets, the pension fund committed $10 million to EnCap Flatrock Midstream Fund IV, an oil and gas fund .
The pension fund has previously committed with all five managers.
In hedge funds, the pension fund will invest $20 million in Pharo Gaia Fund, managed by Pharo Management, replacing CommonWealth Opportunity Capital's Commonwealth Opportunity Master Fund. CommonWealth Opportunity Capital is closing its doors, said Greg Sutton, chief operating officer. He declined further comment. The CommonWealth fund was approved for a $17 million investment earlier this year.
In other news, for the fiscal year ended June 30, the pension fund returned 14%.
Matthew O'Reilly, chief investment officer, could not immediately be reached for additional information.