Arizona Public Safety Personnel Retirement System, Phoenix, committed $105 million to Orion Mine Finance Fund IV.
The $19.5 billion pension fund completed the commitment to the private equity fund managed by Orion Resource Partners on Oct. 10, said spokesman Christian Palmer.
Orion Mine Finance Fund IV looks to finance the construction of later-stage mine projects through a combination of debt, equity and production-linked investments. PSPRS has made commitments to prior Orion Mine Finance funds, most recently committing a total of $135 million to Orion Mine Finance Fund III, first committing $50 million directly and $30 million for co-investments in 2019, and then approving a follow-on commitment of $55 million in 2021.
As of June 30, the actual allocation to global private equity was 22.9%; the target is 27%.