Cincinnati Retirement System committed $40 million to H.I.G Bayside Loan Opportunity Fund VI.
The $1.9 billion pension fund's board approved the commitment to the distressed debt fund managed by H.I.G. Capital at its June 4 meeting, confirmed Paula Tilsley, executive director, in an email.
Investment consultant Marquette Associates assisted.
Separately, the board at the meeting approved adding a target allocation of 3% to private debt and reducing the target allocation to fixed income to 14%. Ms. Tilsley said there was no discussion whether any managers would be terminated.
The pension fund's other targets are 27.5% domestic equities, 23% international equities, 10% each private equity and real estate, 7.5% infrastructure and 5% risk parity.
As of March 31, the actual allocation was 25.1% domestic equities, 20.4% international equities, 18.7% fixed income, 12.1% real estate, 9.6% private equity, 8.3% infrastructure, 4.5% risk parity and the rest in cash and cash equivalents.
