Arizona Public Safety Personnel Retirement System, Phoenix, is making four new commitments and investments of up to a total of $250 million, said Mark Steed, chief of staff and lead portfolio manager.
The $8 billion pension fund committed up to $70 million to Stellus Credit Master Fund I, a middle-market direct lending fund managed by Stellus Capital Management. It is the pension fund’s first commitment to the manager, which spun out from D.E. Shaw Group in January 2012.
The pension fund also committed up to $50 million directly and $30 million in co-investments to Fundamental Partners III, a distressed debt fund managed by Fundamental Advisors. The pension fund previously committed up to $50 million to Fundamental Partners II in September 2011 and added a $30 million follow-on commitment in November 2012.
Also, the pension fund committed up to $50 million directly and up to $20 million in co-investments to EnCap Energy Capital Fund X, an oil and gas fund managed by EnCap Investments. The pension fund previously committed up to $30 million to EnCap Energy Capital Fund IX in January 2013.
The pension fund also made an additional direct investment of up to $30 million in Taylor Woods Master Fund, a global commodities hedge fund managed by Taylor Woods Capital Management. The pension fund previously invested up to $25 million in October 2011.