Institution: Indiana Public Retirement System
Headquarters: Indiana, United States
AUM: $45.28 billion
Bitesize: $100 million-$200 million
Indiana Public Retirement System has committed a total of $250 million to two private debt funds, following a board meeting this month. The pension committed $150 million to Innovation Credit Growth Fund IX and $100 million to ICG/Indiana Public Retirement System – Sale and Leaseback Separate Account.
Intermediate Capital Group‘s fund will focus on acquiring “operationally or mission-critical” real estate that is core to the lessee’s business or its occupational market and leasing the asset back to the company. ICG will primarily work with European tenants in industries with favourable long-term outlooks.
SVB Capital‘s fund uses a venture debt strategy focusing on lending to mid-to-late stage growth business in the technology, software, healthcare and life sciences sectors. The fund provides loans on a first lien, senior basis with equity upside through warrants.
Indiana PRS and ICG have an existing investment relationship. The commitment to SVB Capital marks a new investment relationship.
As illustrated below, the public pension currently allocates 3.9 percent to private debt, equivalent to $1.77 billion of its investment portfolio. Indiana’s recent fund commitments have predominately been focused within North America, with varying strategies.
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