Institution: Iowa Public Employees’ Retirement System
Headquarters: Des Moines, US
AUM: $37.4 billion
Allocation to alternatives: 23.06%
Iowa Public Employees’ Retirement System has approved four new opportunistic private credit managers for its private credit portfolio, according to minutes from the pension’s March 2021 investment board meeting.
An initial request for proposal for opportunistic private credit managers was issued by IPERS in October 2020, in response to the increase of its private credit asset allocation from 3 percent to 8 percent. The US public pension has selected Crestline Investors and Marathon Asset Management to each manage $250 million in multi- strategy products. In addition, the pension also selected Ares Management and Audax Management Company to each manage $100 million mezzanine lending strategies.
As illustrated below, IPERS’s recent private debt commitments have primarily targeted funds focused on senior or mezzanine debt.
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