Iowa Public Employees' Retirement System, Des Moines, plans to make private credit and private equity commitments totaling up to $1.5 billion in 2023, spokeswoman Shawna Lode said in an email.
The $40.1 billion pension fund plans to make a total of up to $850 million in private credit commitments and up to $700 million in private equity commitments during the year, Ms. Lode said.
Within private credit, the pension fund plans to make up to $400 million in commitments across its opportunistic private credit subportfolio, up to $250 million across real assets credit and up to $200 million across direct lending portfolios.
The pension fund's private equity commitments will primarily be allocated across primary fund investments, with up to $105 million in co-investment commitments and up to $70 million to secondary private equity funds.
The respective target allocations to private equity and private credit are 17% and 8%. The pension fund will not be issuing RFPs for the asset classes, Ms. Lode said.