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The UK investor has cornerstoned the debut fund for a team of former Gulf Capital credit fund execs.
The fund is expected to close at $1.5bn before the end of year.
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Carl Marks Advisors, the financial advisory group, believes companies will have to soon make changes to their loans.
The private debt manager has hired Jon Patty, former head of private equity at New Island Capital, to lead the firm’s ESG and impact investing business.
The firm, which was formed earlier this year, has been investing prolifically into the direct lending market.
The vehicle, focusing on senior secured direct lending, surpasses its $1bn target.
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The deal comes off the back of several similar processes the insurance giant unit has undertaken over the past three years.
North Haven Credit Partners III has exceeded its target by 29%, and will focus on junior capital investments in private North American businesses.
The Los Angeles-based manager had record results 'across nearly every financial metric'.
One sticking point raised by the main opponent of the bill was what it said were CalPERS' plans to include capital call lending as part of its proposed programme.
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