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Mar 20, 2024 · Related development

Board shifts part of the portfolio into private debt

After its investment counselor recommended adding private debt in an asset allocation study, the board heard presentations from CION Ares (January 2024) and Blue Owl (February 2024) and on March 20, 2024 approved a rebalance of the allocation to fixed income and private debt. Both managers' returns were reported to the board from mid-2024.^[1]^[2]^[3]^[4]

Wells Fargo Advisors

What the sources say

✓ Verified
The board approved the suggested rebalance of allocation to fixed income and private debt on March 20, 2024. By August 2024 the investment counselor was reporting quarterly returns for CION Ares (1.2%) and Blue Owl (0.9%) and said private debt was working well for the fund. ^[3]^[4]

Sources

1.Amarillo Firemen's Relief and Retirement Fund Board of Trustees minutes, January 17, 2024 — Amarillo Firemen's Relief and Retirement Fund Board of Trustees (via City of Amarillo CivicClerk), Feb 21, 2024 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the approval date: approved at the meeting of February 21, 2024. Scanned minutes (OCR). Presentation by CION Ares, a private debt manager; restatement of the plan document approved.
2.Amarillo Firemen's Relief and Retirement Fund Board of Trustees minutes, February 21, 2024 — Amarillo Firemen's Relief and Retirement Fund Board of Trustees (via City of Amarillo CivicClerk), Mar 20, 2024 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the approval date: approved at the meeting of March 20, 2024. Scanned minutes (OCR). Presentation by Blue Owl, a private debt manager.
3.Amarillo Firemen's Relief and Retirement Fund Board of Trustees minutes, March 20, 2024 — Amarillo Firemen's Relief and Retirement Fund Board of Trustees (via City of Amarillo CivicClerk), Apr 17, 2024 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the approval date: approved at the meeting of April 17, 2024. Scanned minutes (OCR). Rebalance of allocation to fixed income and private debt approved; experience study proposal approved; investment policy update.
4.Amarillo Firemen's Relief and Retirement Fund Board of Trustees minutes, August 21, 2024 — Amarillo Firemen's Relief and Retirement Fund Board of Trustees (via City of Amarillo CivicClerk), Sep 18, 2024 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the PDF CreationDate. Scanned minutes (OCR). First quarterly results reported for the private debt managers CION Ares and Blue Owl.