The State of Wisconsin Investment Board has set aside $150 million to vehicles managed by Apollo Global Management and Benefit Street Partners at the end of 2016.
The Madison, Wisconsin-based pension fund allocated $100 million to Benefit Street Partners Debt Fund IV and $50 million to Apollo’s European Principal Finance Fund III, according to PDI data.
SWIB currently sets aside 1 percent of its $102 billion fund for private debt. Other private credit investments made last year include $150 million to Lone Star Real Estate Fund V and $30 million Centerbridge Special Credit Partners II, according to PDI data.
Benefit Street held a first close on its fourth fund at $1 billion at year-end along with its Benefit Street Partners Special Situations at $500 million, PDI exclusively reported. The New York-based firm, which manages $18 billion, mainly works on deals without a private equity sponsor.
EPF III is currently seeking a $3.5 billion and has so far raised $2.29 billion, according to PDI data. The Pennsylvania Public School Employees Retirement System also committed $200 million to the fund. It invested in non-core assets of European financial institutions, including non-performing loans, bank repossessed real estate and other distressed assets.
New York-based Apollo manages more than $190 billion across credit, equity and real estate.