NHRS approves $50m commitment to Crescent Direct Lending Fund III

Institution: New Hampshire Retirement System
Headquarters: Concord, United States
AUM: $9.9 billion
Allocation to alternatives: 28.5%

New Hampshire Retirement System has approved a $50 million commitment to Crescent Direct Lending Fund III, as mentioned during the institution’s February 2021 investment committee meeting.

This commitment was made to one of the institution’s existing managers, Crescent Capital Group. The fund manager will target private equity-backed lower mid-market sized borrowers.

As illustrated below, the pension’s recent commitments have been primarily to senior debt vehicles targeting the corporate sector. NHRS has a 5 percent target allocation to private debt that currently stands at 6.1 percent.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.