University of Kentucky, Lexington, committed about $30 million to Grosvenor Opportunistic Credit Fund IV, on behalf of its $1.2 billion endowment, said Todd Shupp, chief investment officer, in an e-mail to Pensions & Investments. 

The university’s investment committee approved the commitment to Grosvenor Capital Management as part of the restructuring of its unconstrained fixed-income portfolio.

The endowment has a 10% target allocation to fixed income, made up of 40% core-plus and 60% unconstrained fixed income.

In the restructuring, unconstrained fixed income was further broken out into 35% liquid and 25% “less liquid” strategies. The core-plus allocation was not changed.

Funding for Grosvenor will come from reductions to liquid fixed-income managers Pacific Investment Management Co. and Reams.