Key Takeaways
- • Houston Firefighters' Relief & Retirement Fund approved $140 million in commitments and investments at its Sept. 15 investment committee meeting, according to recently released meeting minutes.
- • The $6.1 billion pension fund committed up to $60 million to Brookfield Infrastructure Fund VI-B, a global core-plus infrastructure fund managed by Brookfield Asset Management.
- • The fund approved up to $50 million for the abrdn Physical Precious Metals Basket Shares ETF, managed by Aberdeen Investments, which tracks spot prices of gold, silver, platinum and palladium.
- • The fund committed up to $30 million to StepStone Capital Partners VI, a global private equity co-investment fund managed by StepStone Group.
Summary
The Houston Firefighters' Relief & Retirement Fund approved commitments and investments totaling $140 million at its Sept. 15 investment committee meeting, according to meeting minutes recently released. The $6.1 billion pension fund is allocating across infrastructure, precious metals and private equity.
The largest commitment is up to $60 million to Brookfield Infrastructure Fund VI-B, a global core-plus infrastructure fund managed by Brookfield Asset Management. The fund is designed for a core-plus strategy, which typically targets stable, income-generating infrastructure assets with modest value-add opportunities.
The pension also invested up to $50 million in the abrdn Physical Precious Metals Basket Shares ETF, an exchange-traded fund managed by Aberdeen Investments. The product is designed to track the spot prices of gold, silver, platinum and palladium.
In private markets, the fund committed up to $30 million to StepStone Capital Partners VI, a global private equity co-investment fund managed by StepStone Group.
The commitments are set against the fund's target asset allocation of 33% private equity, 15% each in high-yield bonds and private debt, 12% each in domestic and international equities, 9% in real estate, and 2% each in cash/short-term investments and M2 hedge strategies, which include hedge funds, gold and digital assets.
The largest commitment is up to $60 million to Brookfield Infrastructure Fund VI-B, a global core-plus infrastructure fund managed by Brookfield Asset Management. The fund is designed for a core-plus strategy, which typically targets stable, income-generating infrastructure assets with modest value-add opportunities.
The pension also invested up to $50 million in the abrdn Physical Precious Metals Basket Shares ETF, an exchange-traded fund managed by Aberdeen Investments. The product is designed to track the spot prices of gold, silver, platinum and palladium.
In private markets, the fund committed up to $30 million to StepStone Capital Partners VI, a global private equity co-investment fund managed by StepStone Group.
The commitments are set against the fund's target asset allocation of 33% private equity, 15% each in high-yield bonds and private debt, 12% each in domestic and international equities, 9% in real estate, and 2% each in cash/short-term investments and M2 hedge strategies, which include hedge funds, gold and digital assets.
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