Houston Firefighters' Relief and Retirement Fund committed up to $55 million total to two alternatives funds, said investment committee meeting minutes provided by the $4.2 billion pension fund.
The pension fund committed up to $30 million to Blackstone Capital Partners Asia, a buyout fund managed by Blackstone Group, and up to $25 million to Brookfield Strategic Real Estate Partners III, a global opportunistic real estate fund managed by Brookfield Asset Management.
Additionally, the pension fund extended the target range for its cash and cash equivalent portfolio to 0.5% to 5%, up from 0.5% to 2% previously. Other target ranges were not changed. The target allocation to cash and cash equivalents remains 1%.
The pension fund also has a 20% private equity target and 7% real estate target.