Baltimore Fire and Police on the lookout for debt managers

The US public pension is seeking to boost its allocation to the asset class.

Institution: Baltimore City Fire and Police Employees’ Retirement System
Headquarters: Baltimore, United States
AUM: $2.76bn
Allocation to alternatives: 26.8%
Bitesize: $10-50m

Baltimore City Fire and Police Employees’ Retirement System is seeking to award a $40 million mandate to prospective private debt fund managers, according to the pension’s February 2020 board meeting minutes.

Successful procurement of private debt fund managers will enable Baltimore to fulfil its 2020 private debt pacing plan.

The $2.76 billion US public pension has a 4.0 percent private debt target allocation that currently stands at 1.5 percent. Baltimore Fire and Police recently increased its allocation to the asset class by 0.20 percentage points from 1.30 percent in January 2020.

As illustrated below, the pension has made three commitments to private debt funds with a 2018 or 2019 vintage, which combined constitute $41 million.

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