Medford (Mass.) Contributory Retirement System committed $8 million to GoldenTree Distressed Fund IV.
The $221 million pension fund's board approved the commitment to the distressed credit fund managed by GoldenTree Asset Management at its July 26 meeting, recently released meeting minutes show.
The pension fund issued an RFP in May seeking proposals from managers of closed-end funds focusing on opportunistic and distressed debt. Mark Minervini, the pension fund's executive director, said at the time the funding for the new commitment would likely come from a reduction in domestic equities, but he could not provide further information.
Mr. Minervini could not be immediately reached for further information on the board's July selection. The other finalist was Albacore Capital Group.
Investment consultant NEPC assisted.
