Holyoke Retirement Commits $10M to Private Credit Funds

The City of Holyoke Retirement Board has made a $10M investment split between two private credit funds, according to recently published minutes from its August 21 board meeting.

In a unanimous vote, the pension’s board approved an allocation of $5M each to asset-backed lender Serenitas Credit Gamma Fund and direct lending strategy PennantPark Credit Opportunities. PennantPark was originally to receive a $10M investment from the firm, but the amount was later halved and shared with the Serenitas fund. 

The commitments are Holyoke’s most recent investment in a private credit fund since it allocated $16M to ConCap Opportunity Fund in 2018, per Dakota data. The pension, managing approximately $378M in plan assets as of the latest stats from Dakota, is one of 105 retirement systems in the state of Massachusetts overseen by PERAC. 

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