Spokane (Wash.) Employees' Retirement System invested $7 million in Beach Point Capital Management Select, a debt-related alternative fund that invests all along the capital structure, said Jayson Davidson, partner and managing director of consulting services at Hyas Group, the pension fund's investment consultant.
Funding is coming from global equities.
Separately, the $264 million pension removed Hotchkis & Wiley's $13 million domestic large-cap diversified value equity strategy from its watchlist because of improved performance. Hotchkis & Wiley had been on watch since 2009.
“This was a case where we were very patient and it paid off,” Mr. Davidson said in an interview.
