San Antonio Fire & Police Pension Fund added $10 million each to recent commitments to BPC Opportunities Fund IV, a distressed debt fund managed by Beach Point Capital Management and mezzanine debt fund Charlesbank Credit Opportunities Fund II, managed by Charlesbank Capital Partners.
The $3.3 billion pension fund's investment committee approved the increased commitments to $30 million each, according to minutes of the pension fund's April 29 board meeting.
The board originally approved commitments of $20 million each to the funds at its Nov. 20 meeting.
According to the April 29 minutes, the staff proposed the increases to the debt funds due to the significant market dislocation in the first quarter of the year, which resulted in "a major increase in investment opportunities" for distressed debt investors.
Cary Hally, chief investment officer, could not immediately be reached to provide further information.
