Institution: South Carolina Retirement System
Headquarters: Columbia, United States
AUM: $39.2 billion
Allocation to alternatives: 17.7%
South Carolina Retirement System has made $205 million in commitments across two private debt funds, according to minutes from the pension’s September 2021 commission meeting. SCRS committed $150 million to Owl Rock First Lien Fund II and $55 million to Eagle Point Defensive Income Strategy.
Owl Rock First Lien Fund II, which is managed by Blue Owl Capital, will provide senior debt investments to North America-based companies. Eagle Point Defensive Income Strategy, which launched in May 2020, will target CLO opportunities in North America.
The $39.2 billion US public pension has a 7 percent target allocation to private debt which currently sits at 8.1 percent.
As illustrated below, SCRS’s private debt fund commitments tend to focus on North American vehicles with senior debt and CLO strategies.
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