Houston Firefighters' Relief & Retirement Fund committed up to $25 million to Kildare European Partners II, pending final due diligence and contract negotiations, said investment committee meeting minutes provided by Ajit Singh, chief investment officer.
The opportunistic real estate fund is managed by Kildare Partners.
Separately, the $3.7 billion pension fund approved boosting its private equity and real estate targets to 20% and 7% of the total portfolio, respectively, up from the previous targets of 12% and 6%. Fixed income was reduced to 30% from 35% and the hedge fund target decreased to 8% from 12%.
Target allocations that remain the same are domestic equities and international equities, 17% each, and 1% cash.