Arizona Public Safety Personnel Retirement System, Phoenix, disclosed commitments and co-investments totaling up to $225 million, said Christian Palmer, pension fund spokesman, in an email.
The $9.8 billion pension fund committed up to $60 million to Varde Asia Credit Fund Master, a private credit fund managed by Varde Partners, and up to $45 million to buyout fund Castle Creek Capital Partners VII. The commitments will be allocated to the pension fund's credit opportunities and private equity asset classes, respectively. The pension fund previously committed up to $30 million to Castle Creek Capital Partners VI in 2016. The Varde commitment is a first to the manager for the pension fund.
In real estate, the pension fund committed up to $40 million directly and up to $40 million in co-investments to Iron Point Real Estate Partners IV, managed by Iron Point Partners, and up to $30 million directly and up to $10 million in co-investments to Alcion Real Estate Partners Tax-Exempt Parallel Fund IV, managed by Alcion Ventures.
The pension fund previously committed $40 million directly and $20 million in co-investments to Iron Point Real Estate Partners III and up to $50 million directly and $30 million in co-investments to Alcion Real Estate Partners Tax-Exempt Parallel Fund III, both in 2014.
As of June 30, the pension fund's allocations to credit opportunities, private equity and real estate were 15.9%, 13.4% and 8.6% respectively.
