Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $40 million to West Face Capital for its Long-Term Opportunities Global Master hedge fund, confirmed James Hacking, administrator of the $6.6 billion system.
Mr. Hacking said West Face runs a deep value event-driven hedge fund that focuses primarily in Canadian companies. Funding will come from returns from the system’s existing credit opportunities investments, which totaled $641 million as of Dec. 31.
“This is going to be a diversification for our credit opportunities exposure,” he said.
Also, up to $40 million was committed to EIF Management’s United States Power Fund IV. The fund invests in power-generating assets and transmission lines, Mr. Hacking said.
The EIF commitment comes from the system’s $366 million real assets allocation.
“The real assets class is an alternative to equities,” Mr. Hacking said.