New Hampshire plan eyes 1st direct lending manager

Manchester (N.H.) Employees' Contributory Retirement System might make its first investments in direct lending in October, said Gerard Fleury, executive director.

Crescent Capital Group will make a presentation regarding its fund-of-funds portfolio at the $180 million pension fund's Oct. 1 investment committee meeting.

HarbourVest Partners and J.P. Morgan Asset Management (JPM) will also make presentations for a private equity fund-of-funds portfolio.

Investment consultant NEPC conducted an invitation-only search earlier in the summer.

The total portfolio size will be $5 million. The committee will either recommend the entire $5 million going toward private equity or $3 million to private equity and $2 million to direct lending.

The recommendations would then go to the board of trustees for approval at its Oct. 10 meeting. Funding would come from an S&P 500 index fund managed by Vanguard Group, which currently has about $9 million.