Missouri Local Government approves $75m commitment

The US public pension has backed Portfolio Advisors' third series direct lending fund.

Institution: Missouri Local Government Employees’ Retirement System
Headquarters: Jefferson City, United States
AUM: $8.14bn
Allocation to alternatives: 30.20%
Bitesize: $10-50m

Missouri Local Government Employees’ Retirement System has agreed to commit $75 million to PA Direct Credit Opportunities Fund III, according to the pension’s recent board meeting minutes. The fund focuses on subordinated / mezzanine corporate debt origination in North America.

As illustrated below, Missouri Local Government has made one other commitment to a private debt fund with a 2018 vintage: $50 million to Healthcare Royalty Partners IV in March 2019.

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