NHRS approves $50 million commitment

The US public pension has backed a middle market direct lending vehicle.

Institution: New Hampshire Retirement System
Headquarters: Concord, United States
AUM: $9.55bn
Allocation to alternatives: 29.20%
Bitesize: $50-1000m

New Hampshire Retirement System has approved a $50 million commitment to Comvest Credit Partners V, as mentioned during the institution’s April 2020 Retirement Board meeting.

The fund, managed by Comvest Partners, leverages a middle market direct lending strategy and will form part of the institution’s credit portfolio. The $9.55 billion US public pension has a 6.4 percent allocation to private debt.

As illustrated below, NHRS’ five most recent private debt commitments have been to three senior debt vehicles, one  distressed debt vehicle, and a royal financing strategy. All recent commitments have been in the corporate sector.

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