Arizona Public Safety Personnel Retirement System, Phoenix, made up to $100 million in new direct and co-investment commitments, said Christian Palmer, spokesman, in an e-mail.
The $8.3 billion pension fund committed up to $60 million directly and up to $20 million in co-investments to Panda Power Annex Fund, a private equity energy-sector fund managed by Panda Power Funds. It is a first-time commitment to the manager for the pension fund.
Also, the pension fund committed up to $20 million in co-investments to CB Ignite Holdings LLC through Charlesbank Equity Fund VIII, managed by Charlesbank Capital Partners. The pension fund previously committed up to $30 million to Charlesbank Equity Fund VIII in September 2014.
Separately, the pension fund terminated three managers: Eagle Asset Management from a $42 million active domestic small-cap growth equity portfolio; Capital Group from a $35 million active domestic emerging markets fixed-income portfolio; and Fischer Francis Trees and Watts from a $25 million U.S. Treasury inflation-protected securities portfolio with an FX alpha overlay fund.
Mr. Palmer said the redemptions “are part of PSPRS' objective to decrease risk and make money for the trust and its beneficiaries.” He would not provide further information.