Chicago Police picks Beach Point, Voya for credit mandate

The US pension fund has awarded $20m each to Beach Point Capital Management and Voya Investment Management for its opportunistic credit brief, after interviewing five firms.

The Chicago Policemen’s Annuity & Benefit Fund has selected Beach Point Capital Management and Voya Investment Management to oversee opportunistic credit mandates at $20 million apiece.

The Chicago pension fund interviewed three other firms at a recent investment committee meeting. They included GoldenTree Asset Management, Symphony Asset Management and Tricadia Capital Management, according to an e-mail from new chief investment officer Aoifinn Devitt.

The pension fund first launched its $40 million opportunistic credit and $20 million direct lending searches in October.

Last month, the $2.9 billion pension fund announced that it picked Alcentra for the direct lending mandate, after interviewing Crescent Capital Group and Maranon Capital.

Beach Point is headquartered in Los Angeles and invests in distressed debt, opportunistic credit, high-yield and corporate loans. The firm has additional offices in New York and London.

Voya has $209 billion in assets under management across institutional and retail products, including equities, fixed-income and multi-asset strategies. It’s the investment management subsidiary of Voya Financial, which used to be the US business of Dutch insurer ING. The US counterpart was spun off in 2012 and re-named Voya in 2014.