Key Takeaways
- • San Antonio Fire & Police Pension Fund committed $25 million to GoldenTree Distressed Fund V, a distressed debt fund managed by GoldenTree Asset Management, according to recently released board meeting minutes.
- • The $4.7 billion pension fund's board approved the commitment at its Sept. 30 meeting.
- • The commitment extends a relationship dating to 2010, with prior commitments totaling $90 million across GoldenTree's first four distressed debt funds ($30 million, $15 million, $20 million and $25 million).
- • Investment consultant NEPC assisted with the commitment.
Summary
The San Antonio Fire & Police Pension Fund has committed $25 million to GoldenTree Distressed Fund V, a distressed debt vehicle managed by GoldenTree Asset Management, according to Pensions & Investments, which cited recently released meeting minutes. The $4.7 billion pension fund's board approved the commitment at its Sept. 30 meeting.
The new commitment continues a relationship between the pension fund and GoldenTree that began in 2010. The fund initially committed $30 million to GoldenTree's first distressed debt fund, followed by $15 million to Fund II, $20 million to Fund III and $25 million to Fund IV. Investment consultant NEPC assisted with the transaction.
The commitment reflects a sustained allocation to distressed debt by a public pension plan over more than a decade and a half of re-upping with the same manager. The source material does not provide additional detail on fund size, target returns, or terms of the Fund V vehicle.
The new commitment continues a relationship between the pension fund and GoldenTree that began in 2010. The fund initially committed $30 million to GoldenTree's first distressed debt fund, followed by $15 million to Fund II, $20 million to Fund III and $25 million to Fund IV. Investment consultant NEPC assisted with the transaction.
The commitment reflects a sustained allocation to distressed debt by a public pension plan over more than a decade and a half of re-upping with the same manager. The source material does not provide additional detail on fund size, target returns, or terms of the Fund V vehicle.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.