Arizona Public Safety Commits $500M to PE, Private Credit Funds

The Arizona Public Safety Personnel Retirement System has allocated a total of $500M in commitments to four private credit and one private equity strategy, the pension confirmed in a phone conversation with Dakota. 

The pension committed $100M each to opportunistic strategy Freeport Financial Partners 1912 Fund, direct lending vehicle Stellus Credit Funds Investor A, and middle-market buyout Berkshire Fund XI. It also committed $200M to opportunistic fund Bain Capital Credit SRA. 

According to the retirement system’s October 24 meeting materials, its private credit portfolio outperformed its benchmarks in August, at the same time that global private equity was conversely underperforming. Actual allocations for both asset classes have yet to exceed their targets as of August, with the pension’s private credit and global private equity exposure at 14.4% and 23.2%, respectively, against target weights of 20% and 25.5%.

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