Two San Jose, Calif., pension funds disclosed new private debt commitments totaling $60 million.
The $3.8 billion San Jose Police & Fire Department Retirement Plan and the $2.2 billion San Jose Federated City Employees' Retirement System each made commitments to three private debt funds, according to a memo in June 4 police and fire retirement board meeting materials.
The retirement plans, respectively, committed $12 million each and $8 million each to Arbour Lane Credit Opportunity Fund II, managed by Arbour Lane Capital Management; Crestline PFF II, managed by Crestline Investors; and Eagle Point DIF, managed by Eagle Point Credit Management.
As of Dec. 31, the actual allocations to private markets in the police and fire plan and federated city plan were 21.5% and 22.8%, respectively.
Prabhu Palani, chief investment officer, and Ron Kumar, investment operations supervisor, could not be immediately reached for further information.