El Paso (Texas) Firemen & Policemen Pension Fund committed an initial $4 million to Centerbridge Capital Partners III, a distressed debt fund managed by Centerbridge Partners, pending legal review, said Mark Austin, deputy director, in an e-mail.
The board also approved committing up to $8 million total to the fund should the pension plan be given the opportunity to commit more, Mr. Austin wrote.
The $1.2 billion pension fund previously committed $3 million to the fund’s predecessor, Centerbridge Capital Partners II, in March 2011, according to board meeting minutes.
The pension fund has a 10% target to private equity.
