Boston Retirement System approved two new private credit commitments totaling $40 million.
The $6.7 billion pension fund's board approved commitments of $20 million each to 400 Capital Asset Based Term Fund III, an opportunistic real estate structured credit fund managed by 400 Capital Management, and HarbourVest Credit Opportunities Fund III, a private debt fund managed by HarbourVest Partners at its July 20 meeting, recently released meeting minutes show.
The pension fund previously committed $10 million to 400 Capital Asset Based Term Fund II in 2020 and $30 million to HarbourVest Credit Opportunities Fund II in 2019.
The pension fund issued an RFP in April. Other finalists were AlbaCore Capital Group and Callodine Group.
As of Dec. 31, the pension fund's actual allocation to its private equity and debt asset class was 9.7%; the target is 11%.
Investment consultant NEPC assisted.
John Kelly, the pension fund's investment analyst, did not reply to requests for further information.
