INPRS confirms $100m commitment

The US public pension has re-upped with a separate account managed by HPS Investment Partners.

Institution: Indiana Public Retirement System
Headquarters: Indianapolis, US
AUM: $38.31 billion
Allocation to alternatives: 19.2%

Indiana Public Retirement System confirmed a $100 million follow-up commitment to a separate account managed by HPS Investment Partners at its December 2020 board meeting, a contact at the pension informed Private Debt Investor.

The separate account – known as the Brickyard Direct Lending Fund – is structured with INPRS as the sole investor. The account invests its capital equally alongside HPS’ specialty loan and core senior lending fund series.

INPRS initially committed $100 million to the vehicle in June 2018. This first commitment to the separate account provided capital which was invested alongside HPS’s Specialty Loan Fund IV and Core Senior Lending I vehicles.

This new $100 million commitment to the separate account will provide capital which will be invested alongside HPS’s Specialty Loan Fund V and Core Senior Lending II vehicles.

INPRS has a 2 percent target allocation to private debt which currently stands at 1.9 percent.

As illustrated below, INPRS’s recent private debt commitments have tended to target either vehicles acquiring distressed debt or originating subordinated and mezzanine debt.

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