Consultant Led Private Credit Allocations in Q4 2024

Institutional investors across the U.S. have maintained a strong focus on private credit allocations throughout Q4 2024, with consultants playing a pivotal role in directing these commitments. Major public pensions and retirement systems have partnered with leading advisory firms, such as Meketa Investment Group, RVK, Aksia, and NEPC, to deploy significant capital into diverse private credit strategies. These investments have ranged from direct lending funds to opportunistic credit strategies, reflecting a robust appetite for portfolio diversification and stable returns despite ongoing market uncertainties.

While the involvement of specific consultants in these investment decisions is not always explicitly confirmed in public documents, it is assumed that they provided guidance or assistance based on their role as private equity or general consultants for the respective institutions.

In this article, we highlight the largest public pension commitments to private credit, showcasing the critical role consultants play in identifying and executing these opportunities. By the end, you’ll gain insights into which consultants are steering the largest allocations in this growing sector.

1. Meketa Investment Group: $3.7B

California Public Employees' Retirement Systems

  • Sixth Street Madrone Strategic Holdings I, L.P. – Series 2: $1,200,000,000
  • Sixth Street Madrone Strategic Holdings I, L.P. – Series 1: $300,000,000
  • West Street LP V Co-Investment Partners: $350,000,000
  • Ares Senior Direct Lending Fund III: $1,000,000,000

California State Teachers' Retirement System

  • FP Credit Partners III: $100,000,000

Maryland State Retirement & Pension System

  • Emso Private Credit Fund 3: $75,000,000

City of San Jose Police and Fire Department Retirement

  • Primary Wave Music IP Fund 4: $18,000,000
  • Silver Point Specialty Credit Fund III: $28,000,000

State of Wisconsin Investment Board

  • Altriarch Specialty Finance Fund, LP: $20,000,000
  • Ashgrove Specialty Lending Fund II: $60,000,000
  • Sixth Street Specialty Lending Europe III: $100,000,000

Quincy Retirement System

  • Entrust Blue Ocean Fund: $6,000,000

Orange County Employees Retirement System

  • Silver Rock Orange Fund – Series 2024: $150,000,000
  • R-Bridge Healthcare Fund II: $50,000,000

New Mexico State Investment Council

  • Orchard Global EleganTree III: $150,000,000
  • The Kawa Fund: $100,000,000

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2. RVK: $1.6B

Montana Board of Investments

  • Stellus Credit Fund IV : $50,000,000
  • Deerpath Evergreen Advantage: $100,000,000

New York State Common Retirement Fund

  • Neuberger Berman Loan Adviser Holdings IV (Delaware): $300,000,000
  • FP Credit Partners III Aggregator: $300,000,000
  • Empire Opportunistic Secondary Fund LP: $360,000,000
  • Warburg Pincus Capital Solutions Founders Fund: $300,000,000

Vermont Pension Investment Committee

  • Kennedy Lewis Capital Partners IV: $50,000,000

Wyoming State Loan and Investment Board

  • Pantheon Credit Opportunities III: $150,000,000

3. Aksia: $945M

Los Angeles City Employees' Retirement System

  • AG Direct Lending Fund V: $100,000,000
  • HPS Specialty Loan Fund VI: $100,000,000

Virginia Retirement System

  • Apollo Libra: $500,000,000

New Jersey Division of Investment

  • ICG Europe Fund IX: $215,000,000

Fresno County Employees Retirement Association

  • Putnam Hill Private Credit Fund: $30,000,000

4. Verus: $640M

Kern County Employees' Retirement Association

  • Fortress Credit Opportunities Fund VI: $25,000,000

Pennsylvania Public School Employees' Retirement

  • Brookfield Infrastructure Structured Solutions: $250,000,000
  • Sixth Street Specialty Lending Europe III: $165,000,000

South Carolina Retirement System Investment Commission (RSIC)

  • D.E. Shaw Diopter Fund II: $50,000,000

Tennessee Consolidated Retirement System

  • Arbour Lane Credit Opportunity Fund IV: $150,000,000

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5. NEPC: $550M

Boston Retirement System

  • GoldenTree Private Credit Fund: $50,000,000
  • HarbourVest Direct Lending Fund II, L.P.: $10,000,000
  • 400 Capital Asset Based Offshore Fund IV: $10,000,000

City of Orlando (FL) Police Pension

  • 400 Capital Asset Based Term Fund IV: $12,500,000

Howard County Master Trust

  • Backcast Credit Opportunities Fund II: $15,000,000

Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund

  • Arcmont SMA: $25,000,000
  • Anchorage Credit Opportunities Fund IX: $30,000,000
  • AGC Sound Mark RECIF: $30,000,000

New Castle County Employees Pension

  • TPG AG Credit Solutions Fund III: $52,000,000

Rhode Island State Pension

  • King Street Opportunistic Credit Fund: $6,000,000

Seattle City Employees Retirement System

  • Arcmont Direct Lending V: $40,000,000

Stanislaus County Employees' Retirement Association

  • Crayhill Principal Strategies Fund III: $20,000,000

Texas Municipal Retirement System

  • Bandera Strategic Credit Partners I: $150,000,000

Ventura County Employees' Retirement Association

  • Crayhill Principal Strategies Fund III: $50,000,000
  • Cross Ocean European Special Situations Fund V: $50,000,000

6. AON: $542M

Teachers Retirement System of Louisiana

  • Ares Special Opportunities Fund III: $150,000,000
  • Everberg Capital Partners III: $80,000,000

Virginia Retirement System

  • Apollo Libra: $37,500,000

Minnesota State Board of Investments

  • HPS Strategic Investment Partners VI: $200,000,000

San Diego County Employees Retirement Association

  • Sycamore Tree CLO Fund II: $75,000,000

7. Cliffwater: $440M

Maine Public Employees' Retirement System

  • Farallon Special Situations Fund III: $40,000,000
  • Brookfield Infrastructure Debt Fund IV: $100,000,000

Texas County & District Retirement System

  • Monarch Capital Partners VI: $100,000,000
  • Silver Point Select Overflow Fund: $25,000,000
  • Silver Point Select Overflow Fund: $25,000,000
  • OrbiMed Royalty & Credit Opportunities V: $150,000,000

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8. Albourne: $400M

Arizona Public Safety Personnel Retirement System

  • Bain Capital Credit SRA: $200,000,000
  • Freeport Financial Partners 1912 Fund: $100,000,000
  • Stellus Credit Funds Investor A: $100,000,000

9. The Townsend Group: $200M

Virginia Retirement System

  • Apollo Libra: $200,000,000

10. Cambridge Associates: $175M

Florida State Board of Administration

  • ICG Europe Mid-Market Fund II: $150,000,000

Colorado Fire and Police Pension Association

  • Blue Torch Credit Opportunities Fund IV: $25,000,000

11. Wilshire Associates, Inc.: $110M

Kentucky Public Pensions Authority

  • Strategic Value Partners Continuation Vehicle: $60,000,000

Illinois Municipal Retirement Fund

  • FP Credit Partners III: $50,000,000

12. Callan Associates: $75M

San Francisco Employees' Retirement System

  • Blue Torch Credit Opportunities Fund IV: $75,000,000

13. Marquette Associates: $40M

Pittsburgh Comprehensive Municipal Pension

  • Brightwood Capital Fund: $20,000,000
  • Partners Group Private Credit Strategy: $20,000,000

14. StepStone Group: $30M

Los Angeles Fire & Police Pension System

  • Carlyle Credit Opportunities Fund III: $30,000,000

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15. Beirne Wealth Consulting: $25M

Milford Pension & Retirement Board

  • BPC Opportunities Fund V: $25,000,000

16. Mariner Institutional: $10M

City of Holyoke Retirement Board

  • Serenitas Credit Gamma Fund: $5,000,000
  • PennantPark Credit Opportunities: $5,000,000

Capitalize on Consultant-Driven Private Credit Allocations

Private credit remains a critical component of institutional portfolios, with consultants providing essential guidance on fund selection and strategy. The Q4 2024 allocations underscore the importance of private markets in achieving enhanced returns and mitigating risks amid economic volatility. As the demand for private credit persists, the role of consultants will remain integral in helping public pensions and retirement systems optimize their investment strategies across a wide range of sectors and geographies.

To view more allocations across all asset classes, book a demo of Dakota Marketplace.

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.

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