Lubbock (Texas) Fire Pension Fund committed $4 million to Varde Dislocation Fund.
The $202 million pension fund's board approved the commitment to the credit dislocation fund managed by Varde Partners at its June 10 board meeting, recently released minutes show.
As of June 30, the pension fund's actual allocation to floating-rate debt was 0.9%; the target is 5%.
Investment consultant Ellwood Associates assisted.
Krista Bailey, plan administrator, could not be immediately reached for further information.