Institutional investors continued to lean into private credit throughout Q3 2025, with consultants playing a central role in guiding allocations across direct lending, opportunistic, and distressed strategies. Against a backdrop of moderating inflation and steady demand for yield, private credit remained one of the most active and resilient segments of the alternatives landscape.
This quarter, consultant-led activity totaled more than $12 billion, led by Cambridge Associates, Albourne, and Meketa Investment Group. Mandates spanned flagship credit platforms like TPG, Blue Owl, and HPS, reflecting a broad mix of traditional lending and structured credit exposures. From Florida to California, pension plans and state systems continued to diversify beyond public debt, targeting managers with differentiated sourcing, flexible mandates, and strong downside protection.
As institutions sharpen their focus on income generation and capital preservation, consultants remain vital partners in constructing high-conviction private credit portfolios and ensuring disciplined pacing through shifting market conditions.
1. Cambridge Associates: $3.95B
Florida State Board of Administration – $33.95B
- Tidewater Partners MAC Fund – Asset-Based Credit
- Florida Gulfcoast Partners Multi-Asset Credit – Opportunistic
- HIG Whitehorse FSBA LP – Direct Lending
- Mineral Springs Partners MAC – Opportunistic
- Florida Gulfcoast Partners BL – Opportunistic
- Apalach Partners BL – Opportunistic
- Cerberus Levered Loan Opportunities Fund – Private Credit
- Blue Torch Credit Opportunities SBAF Fund LP – Direct Lending
2. Albourne: $2.05B
South Carolina Retirement System Investment Commission – $800M
- JCP Congaree Credit Fund – Direct Lending
- Audax Anderson Private Debt Fund – Debt
- TPG AG Credit Solutions Fund III – Opportunistic
Texas Municipal Retirement System – $755M
- TPG AG Credit Solutions Fund III – Opportunistic
- KLCP Domestic Fund IV – Distressed
- HPC GPFS Co-Invest (Zilker), L.P. – Co-Investment Private Credit
- Kennedy Lewis Senior Loan Fund LP – Opportunistic
- KLCP Co-Inv Domestic Fund IV – Co-Investment Private Credit
- Hunter Point Capital GPFS, L.P. – Structured Credit
- OHA CLO Co-Invest SMA – CLO
Arizona Public Safety Personnel Retirement System – $90M
- Arbour Lane Credit Opportunity Fund IV – Direct Lending
- Kennedy Lewis Capital Partners IV – Distressed
- Kennedy Lewis Capital Partners IV Co-Invest – Co-Investment Private Credit
3. Meketa Investment Group: $1.52B
California Public Employees’ Retirement Systems – $200M
- West Street Climate Credit (Del) LP – Debt
- West Street Climate Credit (Del) LP - Contractual Coinvest – Co-Investment Private Credit
- TCC Opportunities, L.P. – Opportunistic
Oregon Public Employees Retirement Fund – $100M
- Pathlight Capital Fund IV – Direct Lending
Dallas Police & Fire Pension System – $80M
- ICG Global Total Credit Fund – Global Private Credit
Louisiana State Police Retirement System – $45M
- Blue Owl Direct Lending – Direct Lending
Plymouth County Retirement Association – $10M
- Blue Ocean Onshore Fund II – Direct Lending
- Ironside Opportunities Fund III – Direct Lending
City of San Jose Police and Fire Department Retirement – $28M
- TPG AG Credit Solutions Fund III – Opportunistic
The City of San Jose Office of Retirement Services – $21M
- TPG AG Credit Solutions Fund III – Opportunistic
- Strategic Value Special Situations Fund VI – Distressed
- Arbour Lane Credit Opportunity Fund IV – Direct Lending
Merced County Employees’ Retirement Association – $15M
- Accel-KKR Credit Partners III LP – Private Credit
4. Aksia: $1.32B
Virginia Retirement System – $826M
- ICG Europe Fund IX – Mezzanine
- KKR IVY III – Insurance Related
- Barings Infrastructure Debt SMA – Debt
Indiana Public Retirement System – $200M
- HPS Strategic Investment Partners VI – Mezzanine
- HPS SIP VI Hoosier CoInvestment Fund – Co-Investment Private Credit
Pennsylvania Public School Employees’ Retirement – $100M
- Park Square US Loan Partners 1 – Direct Lending
Los Angeles City Employees’ Retirement System – $85M
- TPG Twin Brook Direct Lending Fund VI – Direct Lending
Fresno County Employees Retirement Association – $80M
- OHA Senior Private Lending Fund – Direct Lending
- TPG Twin Brook Direct Lending Fund VI – Direct Lending
Fort Worth Employees Retirement Fund – $25M
- Fortress Credit Opportunities Fund VI – Distressed
5. Hamilton Lane Advisors: $1.05B
Connecticut Retirement Plans and Trust Funds – $650M
- Crescent CRPTF Private Credit Tranche II – Direct Lending
- Anchorage Credit Opportunities IX Co-Investment – Co-Investment Private Credit
- Anchorage Credit Opportunities Fund IX – Private Credit
Mass PRIM – $250M
- Blue Owl Custom Asset Based Finance Fund – Asset-Based Credit
Teachers Retirement System of Louisiana – $150M
- Oaktree Special Situations Fund IV – Distressed
6. Cliffwater: $600M
Maine Public Employees’ Retirement System – $325M
- Stellus Capital Management SMA – Direct Lending
- Tree Line Direct Lending Fund IV – Direct Lending
Texas County & District Retirement System – $275M
- Hayfin HOF II (US) LP – Opportunistic
- Silver Point CLO Equity Fund II – Structured Credit
- Silver Point Select Overflow Fund – Special Situations
7. NEPC: $432M
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $125M
- EIG Direct Lending SMA – Direct Lending
- Hygiela One Credit Fund – Direct Lending
Baltimore City Fire and Police Retirement System – $70M
- Apollo Asset-Backed Finance Fund – Asset-Backed/Securitized
- Sixth Street Specialty Lending Europe III – Direct Lending
- Copia Credit Impact Fund I – Opportunistic
Ventura County Employees’ Retirement Association – $60M
- Sixth Street Specialty Lending Europe III – Direct Lending
- HarbourVest Direct Lending Fund II, L.P. – Direct Lending
North Dakota State Investment Board – $35M
- OrbiMed Royalty & Credit Opportunities – Opportunistic
Rhode Island State Pension – $33M
- TPG AG Asset Based Credit Evergreen Fund – Direct Lending
San Antonio Fire & Police Pension Fund – $25M
- Charlesbank Credit Opportunities Fund IV – Opportunistic
Howard County Master Trust – $25M
- Kennedy Lewis Capital Partners IV – Distressed
Boston Retirement System – $25M
- PennantPark Senior Credit Fund II – Direct Lending
Stanislaus County Employees’ Retirement Association – $20M
- Monroe Capital Private Credit Fund V – Direct Lending
Massachusetts Water Resources Authority Retirement System – $ 14M
- PennantPark Senior Credit Fund II – Direct Lending
8. RVK: $410M
New York State Common Retirement Fund – $310M
- OHA CLO Enhanced Equity Fund III – CLO
- Pearl Diver Empire Fund – CLO
- Zenzic Real Estate Credit Opportunities Fund – Opportunistic
Los Angeles Water & Power Employees’ Retirement Plan – $100M
- TPG Twin Brook Direct Lending Fund VI – Direct Lending
9. Wilshire Associates, Inc.: $320M
School Employees Retirement System of Ohio – $150M
- Pathlight Capital Evergreen Fund – Private Credit
- Bayview Credit Opportunities Fund – Structured Credit
- Atlantic Park Strategic Capital Fund III, L.P. – Debt
Kentucky Public Pensions Authority – $100M
- Strategic Value Special Situations Fund VI – Distressed
Ohio Police and Fire Pension Fund – $50M
- Crescent Direct Lending Levered Fund IV – Direct Lending
Tacoma Employees’ Retirement System – $20M
- Cornvest Credit Partners VII – Private Credit
10. StepStone Group: $315M
Los Angeles Fire & Police Pension System – $145M
- AB-PCI Fund IV – Direct Lending
- Charlesbank Credit Opportunities Fund IV – Opportunistic
- Castlelake Asset-Based Private Credit III E – Asset-Backed/Securitized
- Atlantic Park Strategic Capital Fund III, L.P. – Debt
- Avante Capital Partners SBIC IV, LP – Mezzanine
New York State Teachers Retirement System – $100M
- JFL Credit Opportunities Fund II – Opportunistic
Houston Firefighters’ Relief and Retirement Fund – $70M
- Ares Special Opportunities Fund III – Distressed
Private Credit Momentum Holds
Consultant-led allocations in Q3 2025 highlighted the depth and durability of institutional appetite for private credit. Across direct lending, opportunistic, and distressed strategies, consultants helped pension systems, retirement plans, and public funds deploy capital with precision—balancing risk and reward in an evolving rate environment.
While the quarter featured a broad mix of mandates—from large, diversified programs at Cambridge Associates and Albourne to targeted commitments through Meketa, Aksia, and Hamilton Lane, the unifying theme was intentionality. Consultants focused on high-conviction managers, diversified sourcing, and downside protection, ensuring portfolios remained resilient through shifting credit cycles.
With more than $12 billion allocated across leading credit platforms, this quarter underscored the continued institutional commitment to income generation, flexibility, and disciplined pacing. As the asset class matures, consultants are not just guiding allocations—they are shaping the strategic evolution of private credit itself.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
