Houston Firefighters' Relief & Retirement Fund approved a new investment and a new commitment totaling up to $80 million.
The $5 billion pension fund's investment committee approved an investment of up to $50 million to KKR FS income Trust, an open-end private credit placement business development company managed by FS Investments and KKR & Co.; and up to $30 million to Cabot Industrial Value Fund VII, a value-added real estate fund managed by Cabot Properties, at its Feb. 21 meeting, recently released meeting minutes show.
The pension fund has made previous commitments to both KKR and Cabot, including commitments of up to $200 million to KKR Global Credit Opportunities Fund and up to $25 million to Cabot Industrial Value Fund V, both in 2018.
As of June 30, the pension fund's actual allocations to real estate and private debt were 7% and 4%, respectively.
Ajit Singh, chief investment officer, could not be immediately reached for further information.