Hollywood (Fla.) Firefighters' Pension Fund committed $10 million to LBC Credit Partners IV, a direct lending fund, said Lisa Blan, plan administrator with Foster & Foster, the pension fund's third-party administrator and actuarial consultant, in an email.
The $225 million pension fund conducted a shortlist search. Crescent Capital Group was the other finalist. The pension fund's previous commitment to a direct lending fund was $10 million to Crescent Levered Direct Lending Fund in 2014.
This is the pension fund's first commitment to an LBC Credit Partners fund. The pension fund's actual allocation to alternatives as of June 30 was 5.4%; the target is 5%.