Baltimore City Fire & Police Employees' Retirement System approved three new private credit commitments totaling $90 million.
The $3.1 billion pension fund's board at its Nov. 15 meeting approved commitments of $30 million each to Backcast Credit Opportunities Fund II, managed by Backcast Partners; Brightwood Capital Fund V, managed by Brightwood Capital Advisors; and OHA Strategic Credit Fund III, managed by Oak Hill Advisors, spokeswoman Amy E. Baskerville said in an email.
All are new managers for the pension fund.
As of Nov. 30, the pension fund's actual allocation to private credit was 2.6%; the target is 7%.
Investment consultant NEPC assisted.