Arkansas Local Police and Fire Retirement System, Little Rock, committed $20 million to a private debt strategy managed by Neuberger Berman, according to recently released minutes of the Nov. 7 investment committee meeting.
The $1.3 billion pension fund also committed $10 million to an oil and gas fund managed by KKR. The names of the funds and additional information were not provided. The pension fund is currently invested in a Neuberger Berman private equity fund.
Separately, the pension fund allocated $30 million to a new short-date high-yield bond strategy managed by Western Asset Management Co. Funding came from $20 million in cash and reducing a WAMCO core bond portfolio by $10 million, according to the minutes.
Investment consultant Stephens Inc. assisted.
Pension officials could not be reached for additional information. Larry Middleton, executive vice president at Stephens and consultant to the pension fund, was not available by press time.