FRS Trust Fund confirms $445m in commitments

The US public pension has backed two funds in its round of first quarter private debt commitments.

Institution: Florida Retirement System Trust Fund
Headquarters: Tallahassee, United States
AUM: $160.94bn
Allocation to alternatives: 17.20%
Bitesize: $100-200m

Florida Retirement System Trust Fund approved $445 million-worth of commitments to two private debt vehicles in Q1 2020, according to the pension’s quarterly investment report.

The commitments comprise of $200 million to Kennedy Lewis Investment Management’s KLCP Domestic fund and $225 million to Cerberus Institutional Real Estate Partners V.

The $160.94 billion US public pension’s private debt allocation lies within its 8.70 percent strategic investments porfolio.

As illustrated below, FRS Trust Fund’s previous four commitments to private debt funds have all been to vehicles focused on the acquisition of debt. Two of these have had a distressed focus, with one fund each focusing on senior and subordinated debt.

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