The North Carolina Investment Advisory Committee committed $300 million to a credit fund managed by Marathon Asset Management in March, according to May 22 meeting materials released this week.
North Carolina made its commitment through its credit strategies allocation, according to meeting materials. The documents did not specify the fund’s investment strategy. It is unclear whether the vehicle, dubbed Marathon Currituck Fund, is a separate account.
Marathon and North Carolina had not responded to a request for comment at press time.
North Carolina had a 4.94 percent allocation to credit related strategies as of 31 March, according to meeting materials, slightly above its strategic target. The Investment Advisory Committee advises North Carolina State Treasurer Janet Cowell on the management of the state’s retirement system assets, pegged at $101.43 billion as of 31 March.
In addition to its commitment to Marathon, North Carolina also disclosed a $150 million commitment to Crestview Capital Partners III, a private equity fund, and $100 million to Angelo Gordon’s AG Net Lease Realty Fund III, a real estate vehicle.