Miami Firefighters' and Police Officers' Retirement Trust committed $50 million to Golub Capital BDC 4.
The $1.6 billion pension fund's board approved the commitment to the middle-market private debt fund at its meeting on Wednesday, said Dania L. Orta, administrator, in an email.
It is the pension fund's first commitment to private debt since the creation of a target allocation to private debt, which was increased to 3% from 2% in February following an asset allocation review.
The pension fund also interviewed other finalist EnTrust Global at the Wednesday meeting.
Investment consultant Meketa Investment Group assisted.