Houston Firefighters’ Relief and Retirement Fund committed up to $30 million to Avenue Asia Special Situations Fund VII.
The $5.5 billion pension fund’s investment committee approved the commitment to the distressed debt fund managed by Avenue Capital Group at its March 18 meeting, recently released meeting minutes showed.
There is no record of the pension fund making any prior commitments to Avenue Capital.
As of June 30, the most recent data available, the pension fund’s actual allocation to private debt was 12%.
