Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $50 million to real asset fund Timbervest Crossover III, confirmed James Hacking, administrator for the $6.8 billion system.
The system also will commit up to $40 million each to private equity funds DAG V, with a direct investment of $10 million and co-investments of up to $30 million with a cap of $4 million for each co-investment; and Pacific Alliance Asia Opportunity Fund.
In addition up to $30 million was committed to private equity fund Trident V, in co-investments with a cap of $6 million for each.
Separately, the system’s board approved the redemption of its $40 million in assets from the Pine River Fixed Income Fund (formerly the Nisswa Fixed Income Fund). A change in terms on the part of Pine River Capital Management to make the fund “less liquid” does not conform to the basics of the original agreement, according to Mr. Hacking.
In addition, Mr. Hacking said the system has received $81 million of the $100 million it had invested in the FrontPoint Offshore Multi Strategy Fund, which FrontPoint Partners had closed and liquidated. The system will discuss in August how to redeploy those assets to another portable alpha vehicle.