Houston Firefighters’ Relief and Retirement Fund committed up to $50 million to Blackstone Capital Partners Asia III and terminated its investment in Bridgewater Associates’ All Weather Portfolio.
The $5.3 billion pension fund’s investment committee approved the commitment to the Asian-focused buyout fund and the termination of the macro hedge fund at its Jan. 28 meeting, recently released meeting minutes showed.
The minutes did not provide a reason for the termination of Bridgewater Associates or the size of its portfolio.
As of June 30, the pension fund reported its $121 million hedge fund portfolio posted the second-best return among its asset classes, with a net return of 18.3%.
As of June 30, the pension fund’s actual allocations to private equity and hedge funds were 35.5% and 2.3%, respectively.
An HFRRF spokesman could not be immediately reached for further information.
