Howard County Retirement Plans, Ellicott City, Md., committed $25 million to Kennedy Lewis Capital Partners Master Fund III.
The joint committee for the Howard County Retirement Plan and the Howard County Police and Fire Employees' Retirement Plan approved the commitment to the opportunistic credit fund managed by Kennedy Lewis Investment Management at its May 26 meeting, recently released meeting minutes show.
As of May 31, the plans' actual allocation to private debt was 0.8%; the target is 5%. The two plans have a combined $1.4 billion in assets.
Investment consultant NEPC assisted.
Anju Bennett, the county's human resources administrator and member of the board, could not be immediately reached for further information.
