FRS Trust fund approves $350m in commitments

The US public pension has backed two North American debt vehicles.

Institution: Florida Retirement System Trust Fund
Headquarters: Tallahassee, United States
AUM: $182.57 billion
Allocation to alternatives: 27.1%

Florida Retirement System Trust Fund has confirmed $350 million-worth of private debt commitments across two vehicles, according to the Q1 transaction report published on the pension’s website.

The commitments comprise $200 million to Blackrock US CRE Debt Fund and $150 million LLCP Lower Middle Market Fund III. The target size for BlackRock Real Estate‘s remains undisclosed. According to Private Debt Investor, the fund manager has raised $247 million since its inception in March 2021. Levine Leichtman Capital Partners is currently seeking $1 billion in commitments for its third mid-market subordinated debt vehicle.

FRS Trust fund makes private debt investments through the strategic investment section of its portfolio, which accounts for 9.2 percent of the $182.57 billion investment portfolio.

As illustrated below, the pension fund’s recent commitments have predominantly targeted North American subordinated corporate and real estate debt origination.

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