Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $30 million to Fundamental Partners II, confirmed James Hacking, administrator of the $6.8 billion pension fund.
It is a first-time commitment. The fund, which is managed by Fundamental Advisors, focuses on distressed assets financed through municipal bonds and commercial assets refinanced through municipal bonds.
Separately, the pension fund redeemed its remaining $28 million in GAM US Institutional Trading II. The strategy was part of the fund's portable alpha program, which the pension fund has abandoned, in its domestic equity allocation. The funds will be parked in cash, Mr. Hacking said.