Arizona Public Safety Personnel Retirement System, Phoenix, made five new commitments totaling $370 million plus a $10 million follow-on hedge fund investment, said Mark Steed, chief of staff and lead portfolio manager.
The $8 billion pension fund committed up to $75 million to Crestline Opportunity Fund III, an opportunistic credit fund managed by Crestline Investors. The pension fund has invested multiple times with Crestline, most recently making a direct investment of up to $100 million in hedge fund Crestline CS 3000 Fund in August.
The pension fund also committed up to $75 million to SJC Direct Lending Fund III, a direct lending fund managed by Czech Asset Management. It previously committed up to $70 million to SJC Onshore Direct Lending Fund II in 2012.
Also, the pension fund committed up to $70 million each to Freeport First Lien Loan Fund III, an opportunistic credit fund managed by Moelis Asset Management, and Northern Shipping Fund III, an infrastructure fund managed by Northern Shipping Funds, and up to $60 million directly and $20 million for co-investments to Rubenstein Properties Fund III, a value-added real estate fund managed by Rubenstein Partners. All are first-time commitments for the pension fund.
The pension fund also made an additional direct hedge fund investment of up to $10 million with Iguazu Partners, an emerging markets long/short debt fund managed by Wellington Hedge Management. The pension fund originally invested up to $30 million in 2014.