San Antonio Fire & Police Pension Fund committed $20 million to private equity fund ZMC III, recently released board meeting minutes show.
The $3.2 billion pension fund's board at its July 31 meeting approved the commitment to the fund managed by ZMC Advisors, which seeks investments in media and communication companies in North America and Europe.
The pension fund previously committed $15 million to ZMC II, the minutes said.
Separately, the pension fund's board approved a full redemption from H2O Global Alpha Fund, a global macro hedge fund managed by H2O Asset Management. The pension fund originally invested $20 million in the fund in 2018.
The minutes cited a recent Financial Times story showing the manager made illiquid investments in some funds that offered daily liquidity. While the H2O Global Alpha Fund did not invest in any of the private debt the minutes said the article cited, the board decided to terminate its agreement with the manager given the high number of outflows from the firm.
The proceeds from the redemption will be reallocated to an existing fixed-income portfolio managed by Garcia Hamilton & Associates. Further information on the H2O and Garcia Hamilton portfolios was not available.
Cary Hally, chief investment officer, did not reply to requests for further information.