Houston Firefighters’ Relief & Retirement Fund allocated up to $275 million total to two managers, pending final due diligence and successful contract negotiations, said investment committee minutes provided by Ajit Singh, chief investment officer.
The $3.6 billion pension fund hired BlackRock to manage up to $250 million in passive domestic equity. A funding source has not yet been determined.
Separately, the pension fund committed up to $25 million to Lone Star Real Estate Fund V, managed by Lone Star Funds, pending final due diligence and contract negotiations.
The pension fund previously committed $25 million to predecessor fund Lone Star Real Estate Fund IV in 2015.
HFRRF has a 17% domestic equity target and a 6% real estate target.