New Hampshire commits to Alcentra and Riverstone

The US pension fund is investing $50m a piece with Alcentra’s latest European direct lending fund and an energy credit fund from Riverstone.  

The New Hampshire Retirement System (NHRS) voted on $100 million worth of new investments into two lending funds.

The $7 billion US retirement system is investing $50 million in Alcentra European Direct Lending Fund II and $50 million in Riverstone Credit Partners Fund. The commitments were approved at a 19 February investment committee meeting and are subject to contact and legal review, an NHRS spokesman said.

The investment with Alcentra is a re-up for NHRS. The pension fund had also made a $50 million commitment to Alcentra’s first European direct lending fund in August 2014. The second fund is targeting €1.5 billion and has also won commitments from two California pension funds, the Orange County Employees Retirement System and the San Bernardino County Employees Retirement Association.

Riverstone Credit Partners Fund invests in outstanding debt of stressed and distressed energy companies. The firms is gathering $1 billion towards this debut fund. Riverstone Holdings, a New York-based energy and power firm, hired two former bankers, Christopher Abbate from Citigroup and Jamie Brodsky from Nomura, in 2014 to spearhead the credit strategy.

The NHRS pension also committed to three private debt funds managed by Monroe Capital, BlueBay Asset Management and Gramercy in September.