South Carolina sends $150m to KKR

The pension fund’s board voted to invest in KKR’s latest special situations fund at a meeting this week.

The South Carolina Investment Commission approved a new $150 million commitment to the KKR Special Situations Fund II at a meeting on Monday.

The $27.7 billion US pension fund was also an investor in KKR’s Lending Partners II fund, which raised $1.34 billion in 2014, according to PDI Research & Analytics.

The New York-headquartered firm is raising $3 billion for its second special situations fund, which plans to devote more assets to Asia and Europe than its predecessor. Other US public pension funds that have committed to the fund include the Maine Public Employees Retirement System and the Virginia Retirement System. 

South Carolina has been investing more money in private credit strategies recently. In June, the pension fund invested $400 million in Highbridge Principal Strategies’ Sandlapper Credit Fund, $250 million in the GoldenTree structured credit separate account and $300 million in the GMO Emerging Country Debt Fund.