Pompano Beach (Fla.) Police & Firefighters' Retirement System approved investments and commitments to credit-oriented managers totaling $31 million.
The $230 million pension fund's board approved an investment of $10 million in Serenitas Credit Gamma Fund, a credit hedge fund managed by LMCG Investments; and commitments of $7 million each to Churchill Middle Market Senior Loan Fund V, a direct lending fund managed by Churchill Asset Management; EnTrust Blue Ocean Onshore Fund II, a private credit fund managed by EnTrust Global; and PennantPark Credit Opportunities Fund IV, a private credit fund managed by PennantPark Investment Advisers, at its Feb. 21 meeting, recently released meeting minutes show.
Investment consultant Southeastern Advisory Services assisted. The pension fund hired the firm in October to replace Graystone Consulting following an RFP process, and Southeastern soon conducted an asset allocation study. According to Dec. 19 meeting minutes, the board approved a new allocation that included a newly created allocation to private credit.
Further details regarding the new asset allocation were not provided, and Debra Tocarchick, executive director, could not be immediately reached for further information.
As of Sept. 30, the pension fund's actual allocation to alternative investments was 25.2%.