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The $239m (£191.8m) Natick Massachusetts Contributory Retirement System is about to speculate as a lot as $20m in direct lending funds.
The US pension fund has issued a request for proposals (RFP) from personal debt managers providing direct lending methods.
The retirement system covers the city of Natick, which is located throughout the Larger Boston space. The five-person retirement board meets month-to-month to debate the administration of the retirement fund, with the final assembly being held on 24 April 2024.
In its 2022 monetary assertion, Natick Contributory Retirement System reported a portfolio cut up of fifty.9 per cent in international fairness, 21.21 per cent in mounted revenue, 18.1 per cent in personal fairness, 9.4 per cent in actual property, and 0.5 per cent in port. comp. methods. There was no allocation to non-public debt or direct lending in 2022.
Learn extra: US pension fund Calpers to spice up personal debt publicity
Quite a lot of international pension funds and retirement methods have opted to create space of their portfolios for personal credit score lately, because of the rising reputation of the sector. Final 12 months, the Chicago Lecturers’ Pension Fund stated it was getting ready to make its first personal credit score investments.
Over the previous few months, pension funds in Philadelphia, New York and Texas have all issued RFPs for personal credit score funds, whereas 4 of the biggest pension funds in Canada have began to increase into the personal sector market.
Learn extra: Non-public debt sector poised for inflow of pension cash
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