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IPERS issues RFP for private credit managers

The system is moving funds from its core fixed income asset class to private credit.

Institution: Iowa Public Employees’ Retirement System
Headquarters: Des Moines, US
AUM: $35.4 billion
Allocation to alternatives: 22.69%

Iowa Public Employees’ Retirement System has issued a request for proposal for managers who can assess and allocate up to $850 million in opportunistic private credit products, according to an October 2020 press release from the system.

The move comes after the IPERS investment board revealed that it plans to increase investments in the asset class by 5 percent, moving capital from its core fixed income asset class to private credit.

Investments will be made in private credit strategies, such as multi-strategy, real asset credit, mezzanine lending, special situations and specialty finance.

Managers must have at least five years’ experience managing an opportunistic private credit strategy, according to the request for proposal.

IPERS will issue additional RFPs in the coming months as a response to the new allocation plan. The deadline for submission is 10 November 2020. It is unclear when the IPERS investment board will choose a manager.

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