Chart of the week: Top US pension funds in private debt

The leading 10 American retirement systems have made 293 commitments to private debt funds since 2008.

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Florida State Board of Administration this week announced two private debt commitments amounting to $350 million in its Q2 transaction report.

PDI Research & Analytics’ data show Florida SBA is currently the leading US pension fund in the private debt space, having invested in the largest number of private debt funds since 2008. The most active year for the pension fund was 2012, when it invested over $1 billion into 10 vehicles.

Pennsylvania Public School Employees’ Retirement System is the second most active private debt investor, having made 39 commitments in the same time period. PennPSERS has also invested in the largest number of infrastructure debt funds, with five of the 39 vehicles seeking opportunities in this sector. Massachusetts Pension Reserves Investment Management Board, on the other hand, focused all of its 23 private debt investments on corporate debt.

These pension funds have increased infrastructure debt investment since 2013, making eight separate commitments. The largest of these was Oregon Public Employees’ Retirement System’s $200 million to Global Infrastructure Partners Capital Solutions Fund in 2014, almost 20 percent of the total amount raised by the vehicle.