Arizona Public Safety Personnel Retirement System, Phoenix, committed $50 million directly and $30 million for co-investments to Orion Mine Finance Fund III, spokesman Christian Palmer said in an email.
The $10.5 billion pension fund's previous commitment to a fund managed by Orion Resource Partners was up to $60 million directly and up to $40 million in co-investments to private equity fund Orion Mine Finance Fund II in 2017.
The current fund looks to finance the construction of later-stage mine projects through a combination of debt, equity and production-linked investments.
As of June 30, the pension fund's actual allocation to private equity was 15.4%.
