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The 10 Largest Public Pension Allocations to Private Credit in 2021

By: Amy Sariego

Staying up-to-date on where public pension funds are making their investments can be a critical part of an investment salesperson’s day to day. However, it can also be an incredibly time consuming task, given the sheer number of pension funds across the country. 

At Dakota, we’ve been fundraising since 2006, and have raised over $40B for our partners in that time. We’ve made it part of our DNA to stay on top of public pension fund investments, and we want to help make these updates as accessible to our peers as possible. 

In this article, we’re going to dive into ten of the largest public pension allocations made to Private Credit so far this year. By the end of this list, you’ll have a good jumping off point to better understand where funds are being allocated within the Private Credit space.

1. New York State Common Retirement Fund — $2,313,000,000

Investment strategies:

  • ICG Excelsior SCSp: $750,000,000
  • Brookfield Special Investments Fund: $300,000,000
  • BSI Co-Investment ©: $300,000,000
  • KSL Capital Partners Tactical Opportunities Fund I: $250,000,000
  • Blantyre Special Situations Fund II: $240,000,000
  • KSL Capital Partners Credit Opportunities Fund III: $150,000,000
  • PDC Opportunities IX: $123,000,000
  • Blantyre Capital Madison Square Fund II: $100,000,000
  • KSL Capital Partners COTO Co-Invest I:$100,000,000

2. Texas County & District Retirement System — $945,000,000

Investment strategies:

  • Arbour Lane Credit Opportunity Fund III A: $175,000,000
  • AG Essential Housing Fund II: $150,000,000
  • Marblegate Onshore Partners Fund II: $100,000,000
  • Taconic European Credit Dislocation Onshore Fund III: $100,000,000
  • Comvest Credit Partners V: $100,000,000
  • Hayfin Healthcare Opportunities Fund US Parallel: $100,000,000
  • CapitalSpring Investment Partners VI: $85,000,000
  • Alcentra Structured Credit Opportunities Fund IV: $50,000,000
  • Juxtapose Ventures II: $35,000,000
  • 400 Capital TX COF II: $25,000,000
  • WTI Fund X: $25,000,000

3. School Employees Retirement System of Ohio (OHSERS) — $723,000,000

Investment strategies:

  • Apollo Strategic Origination Partners: $200,000,000
  • Barings European Private Loan Fund III: $150,000,000
  • Carlyle Credit Opportunities Fund II: $100,000,000
  • Strategic Value Special Situations Fund V: $75,000,000
  • PIMCO DISCO III: $50,000,000
  • GoldenTree Structured Products VII: $50,000,000
  • GoldenTree Distressed Fund IV: $50,000,000
  • GoldenTree Distressed Fund III Extension: $40,000,000
  • FP Credit Zocdoc Co-Investment: $8,000,000

4. Kentucky Public Pensions Authority — $500,000,000

Investment strategies:

  • Whitehorse Liquidity Partners IV: $400,000,000
  • Strategic Value Special Situations Fund V: $100,000,000
5. Iowa Public Employees Retirement System — $450,000,000

Investment strategies:

  • Kartesia Credit Opportunities SMA: $150,000,000
  • ArrowMark Specialty Finance Credit: $100,000,000
  • Kartesia Credit Opportunities V SCS: $100,000,000
  • CapitalSpring Investment Partners VI: $50,000,000
  • CapitalSpring V: $50,000,000

6. Tennessee Consolidated Retirement System — $400,000,000

Investment strategies:

  • Whitehorse Liquidity Partners IV: $200,000,000
  • Redwood Drawdown Domestic Fund III: $200,000,000

7. New York State Teachers Retirement System — $300,000,000

Investment strategies:

  • H.I.G Whitehorse Direct Lending 2020 Fund: $200,000,000
  • Comvest Credit Partners: $100,000,000

8. New Mexico State Investment Council — $200,000,000

Investment strategies:

  • Strategic Value Special Situations Fund V: $100,000,000
  • PIMCO BRAVO IV: $100,000,000

9. SelectTeachers Retirement System of Louisiana — $150,000,000

Investment strategies:

  • Castlelake Income Opportunities II: $75,000,000
  • Carlyle Credit Opportunities Fund II: $75,000,000

10. South Carolina Retirement System Investment Commission (RSIC) — $115,000,000

Investment strategies:

  • Ares Pathfinder Fund: $75,000,000
  • ASI Hark Capital III: $40,000,000

For more information on public pension investment news, schedule a 15-minute consultation today

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