Hollywood (Fla.) Police Officers' Retirement System made two new commitments to direct lending funds totaling $8 million.
The $350 million pension fund's board at its Nov. 18 meeting approved commitments of $4 million each to PennantPark Credit Opportunities Fund IV, managed by PennantPark Investment Advisers; and TCW Direct Lending VIII, managed by TCW Group, said Brendon Vavrica, senior consultant at investment consultant AndCo Consulting, in an email.
They are the pension fund's first commitments to these managers.
As of Sept. 30, the pension fund's actual allocation to alternatives was 6.8%; the target is 8%.
AndCo Consulting assisted.