FUNDRAISING NEWS | November 23, 2024
The Quincy Retirement System has committed its 2024 private credit target allocation in full to the direct lending vehicle of its newly selected private credit manager, Entrust Global Partners.
In recently published minutes of its October 23 board meeting, the pension said it has ended its manager search for a manager for its private credit mandate, selecting Entrust over three other finalists: HarbourVest Partners, Neuberger Berman, and PennantPark. Following the manager selection, Quincy approved a commitment of $6M to Entrust Blue Ocean Fund in a motion carried by unanimous vote. Meketa assisted in the process.
The move follows a recent private credit pacing review, reported by Dakota on October 25, where the retirement system said it would commit $6M to private credit for both 2024 and 2025 after recently adopting a 3% target allocation for the asset class. The pension plans to increase its private credit exposure to $7M per year after 2025.
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