BCFPERS confirms $35m in commitments

Institution: Baltimore City Fire and Police Employees’ Retirement System
Headquarters: Baltimore, US
AUM: $3.15 billion
Allocation to alternatives: 24.4%

Baltimore City Fire and Police Employees’ Retirement System approved $35 million-worth of commitments to private debt funds in March 2021, according to a recent investment flash report posted by the pension.

The commitments comprised $18 million to Crayhill Principal Strategies Fund II and $17 million to Bain Capital Special Situations Asia II.

Crayhill‘s second Principal Strategies fund has been in market since 2019, with an US Securities and Exchange Commission filing from mid-April 2021 showing that the vehicle has raised $440 million of its $500 million target. Bain‘s second Asia-focused special situations fund launched in March 2021, with the vehicle’s target size unknown.

Elsewhere, BCFPERS also confirmed an increase in its target allocation to private debt from 4 percent to 5 percent in its March 2021 investment flash report. The pension’s current allocation to the asset class is 2.1 percent.

As illustrated below, the $3.15 billion US public pension’s recent private debt commitments have predominantly targeted North American distressed debt funds.

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