San Antonio Fire & Police Pension Fund committed $20 million to Varde Dislocation Fund.
The $3.3 billion pension fund's investment committee approved the commitment to the credit dislocation fund managed by Varde Capital at its June 17 meeting, recently released June 26 board meeting minutes show.
The commitment is the first for the pension fund's new opportunistic allocation, which was adopted by the board earlier this year. Its long-term target is zero, and is activated "to take advantage of significant market dislocations," according to the minutes.
Officials at the pension fund could not be immediately reached for further information.