Memphis Light, Gas & Water Division, Memphis, Tenn., committed $38 million to GoldenTree Distressed Fund III, a distressed debt fund managed by GoldenTree Asset Management, said Tamara Nolen, MLGW spokeswoman, in an email.
The $1.5 billion pension fund previously committed $37 million to GoldenTree Distressed Fund II in 2014. The commitment is allocated to the pension fund's fixed-income asset class, which had an actual allocation of 24.8% as of Dec. 31.
Investment consultant Gavion assisted.
