El Paso (Texas) Firemen & Policemen Pension Fund committed $7 million to KPS Special Situations Fund V, said Tyler Grossman, executive director, in an email.
The $1.5 billion pension fund's previous commitment to a fund managed by KPS Capital Partners was $3 million to KPS Special Situations IV in 2013.
The special situations fund targets investments in underperforming, distressed or bankrupt lower- and middle-market companies.
As of March 31, the actual allocation to private equity was 9.1%; the target is 10%.
Investment consultant Meketa Investment Group assisted.