Dallas/Fort Worth International Airport hired Morgan Stanley Alternative Investment Partners to manage about $10 million in its private market income strategy, said Michael Phemister, vice president of treasury management.
The investment was made on behalf of the airport's two pension funds, which have $525 million in assets combined.
A funding source could not be learned by press time.
The alternative fixed-income strategy focuses on “income-oriented investments in six categories: real assets, royalties and monetization, asset-linked securities, distressed assets, natural resources and niche credit opportunities,” said materials prepared for last week's board meeting.
The allocation falls under the board's non-core fixed-income allocation, which has a target of 15%.
Separately, the board committed up to $20 million to Starwood Global Opportunity Fund X, a real estate fund managed by Starwood Capital Group.
The board has a 10% target allocation to real estate.