San Antonio Commits $25M to Private Credit, Eliminates EM Debt Target Allocation

The San Antonio Police and Fire Pension Fund has disclosed a $25 million commitment to the private credit fund, BPC Opportunities V. The Pension Fund has previously committed to Fund IV.

Also disclosed in meeting minutes from the February 22 investment meeting was the approval to eliminate the 5% policy target to emerging market debt. Adjustments to the policy target asset allocation included increasing private equity from 7% to 8%, increasing the real estate target from 7% to 9%, and increasing the core bonds target from 5% to 7%.

As a result of eliminating the emerging market debt target allocation, staff approved terminating the Wellington Opportunistic Emerging Market Debt Strategy.

NEPC assisted with the asset allocation review.

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