Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $90 million in the Highland Capital CLO Value Fund and up to $50 million in Towerbrook Investors III LP. The decision is contingent on successful completion of the due diligence process, which is expected to take another couple of weeks, according to James Hacking, system administrator.
The board of directors also made slight modifications to the systems asset allocation, dropping U.S. equities six percentage points to 38%, and renaming its hybrid strategies class to opportunistic/dislocated and increasing that allocation six percentage points to 8%. Targets for the remaining asset classes are: non-U.S. equities, 21%; global fixed income, 20%; global real estate, 6%; global private equity, 6%; and cash, 1%.
But its all on a temporary basis because we are going to do a review of the entire systems investment policies, Mr. Hacking said.