Two Orlando, Fla., pension funds committed a total of $90 million to private equity and private credit funds.
The $734 million Orlando Police Pension Fund and $512 million Orlando Firefighters' Pension Fund's boards approved the commitments at a joint meeting on April 14, Shannon Hicks, the city’s treasury manager, said in an email.
The police and firefighters’ funds’ boards approved commitments of $15 million and $10 million, respectively, to HarbourVest Partners Co-Investment Fund VI, a private equity co-investment fund; $15 million and $10 million, respectively, to Mesirow Financial Private Equity Fund VIII-A; and $24 million and $16 million, respectively, to HarbourVest Direct Lending (Levered) Fund, a private credit fund managed by HarbourVest Partners.
As of March 31, the actual allocations to private credit and private equity for both pension funds were 3% and 2%, respectively.
Investment consultant NEPC assisted.