Hollywood (Fla.) Employees' Retirement Fund approved three new alternative fund commitments and investments totaling $11 million.
The $411 million pension fund's board approved a commitment of $5 million to BC Partners Special Opportunities Fund III, an opportunistic credit fund managed by BC Partners; an investment of $3 million in Bayview MSR Opportunity Master Fund, a mortgage servicing hedge fund managed by Bayview Asset Management; and a commitment of $3 million to Brightwood Capital SBIC III Fund, a direct lending fund managed by Brightwood Capital Advisors, at its Sept. 26 meeting, recently released meeting minutes show.
The pension fund committed $7.5 million to Brightwood Capital Fund V in 2020. The other two managers are new for the pension fund.
As of Sept. 30, the pension fund's actual allocation to private debt was 2.9%; the target is 2.5%.
Investment consultant Segal Marco Advisors assisted.
