The Pennsylvania Municipal Retirement System, Harrisburg, is looking at private credit as a U.S. domestic strategy, while it seeks asset diversification, its chief executive officer said in an interview with Bloomberg Television.
The pension fund, managing more than $3.5 billion in assets, says it’s studying private credit fund managers and where they’re investing, Timothy Reese said on the sidelines of the Milken Institute Global Investors’ Symposium in Hong Kong on March 24.
While the majority of the pension fund’s investments are in domestic markets, it’s looking to Asia for diversification while investors navigate rising geopolitical tensions. U.S. President Donald Trump’s “America First” strategy has added further risks to the global economy.
Reese said the fund’s exposure to China is immaterial, in a separate interview with Bloomberg News.
