Seattle City ERS Allocates $40M to Private Credit

Tags: Pension Funds, Private Credit, New Investment

The investment committee of Seattle City Employees’ Retirement System (ERS) has approved a $40M recommitment to Arcmont Asset Management via its Direct Lending Fund V (DLF V), according to recently published minutes from the committee’s August 29 meeting.

DLF V, a private credit vehicle for European middle-market companies, would represent the fourth allocation from the Seattle pension to the UK-based investment firm, which was acquired last year by Nuveen Asset Management.

The committee said the commitment is consistent with the pension’s target allocation of 7% to credit fixed income, with a current allocation of 7.1% as of June 30, per the ERS website.