Sam Sutton
Falcon Investment Advisors cleared its $850m target with a $909.7m final close.
Although it has beaten its $750m target, the Boston-based firm has not held a final close on the vehicle.
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Publicly traded specialty finance company KKR Financial Holdings is already managed externally by KKR.
The retirement association committed $45m to the fund. A predecessor vehicle had generated 18.01 percent through June.
The Philadelphia-based firm received a commitment of up to $150m from Pennsylvania Public School Employees’ Retirement System last year.
The firm has a $1bn hard-cap for the distressed debt fund, according to LACERS documents.
The new proposal, considered to be more stringent than Basel III, takes a narrower view on what can be characterised as a high quality liquid asset
William Monagle has been a member of the firm’s investment and operations teams since November 2012.
Tony Marsh will manage acquisition financings and capital markets activities.
SBCERA staff has recommended two separate accounts for debt and credit strategies.