Arizona Public Safety Personnel Retirement System, Phoenix, approved a total of up to $458 million in commitments, direct investments and co-investments, said Mark Steed, chief of staff and lead portfolio manager.
The $8.1 billion pension fund committed up to $130 million, with an $80 million initial investment, to GMO Benchmark-Free Allocation Fund, a global tactical asset allocation fund of funds managed by Grantham Mayo van Otterloo.
Also, the pension fund committed up to $80 million, plus $40 million in co-investments, to Brightwood Capital Fund III, a direct lending fund managed by Brightwood Capital Advisors.
The pension fund also made a direct investment of $70 million in Field Street Master Fund, a global macro hedge fund managed by Field Street Capital Management.
Also, the pension fund committed $40 million, plus $40 million in co-investments, to Comvest Capital III, a private equity fund managed by Comvest Partners, and £25 million ($37.8 million), plus £13 million in co-investments, to real estate fund Frogmore Real Estate Partners III.
All are first-time commitments to the managers and are subject to final staff and legal due diligence.