San Jose (Calif.) Police and Fire Department Retirement Plan disclosed two new private debt commitments totaling $42 million.
The $4.4 billion pension fund committed $21 million each to Eagle Point Defensive Income Fund II, which invests in certain types of senior unsecured debt or preferred equity securities and is managed by Eagle Point Credit Management, and HPS Special Situations Opportunity Fund II, a distressed debt fund managed by HPS Investment Partners, said Ron Kumar, investment operations supervisor, in an email.
The pension fund previously committed $12 million to Eagle Point Defensive Income Fund in 2019 and $12 million to HPS Special Situations Opportunity Fund in 2020.
As of Sept. 30, the pension fund's actual allocation to private markets was 25.3%; the target is 25%.
