Boston Retirement System committed $60 million to GoldenTree Distressed Fund III, managed by GoldenTree Asset Management, said John Kelly, investment analyst for the $4.8 billion pension fund.
The system launched a search for private markets funds in October. Its investment consultant, NEPC, assisted with the search.
Park Square Capital and Stellus Capital Management were the other finalists, according to board meeting minutes.
The pension fund's actual allocation to alternative assets as of Aug. 31 was 21.2%, compared to a 24% target, according to an investment report. Breaking down those assets, the actual allocations to real estate, hedge funds and private equity were 9.2%, 7.1% and 4.9%, respectively. The targets are 10%, 7% and 7%, respectively.
