Pension Protection Fund, Croydon, England, named nine managers as preapproved firms to run credit strategies, according to spokeswoman Ana Moreno.
Apollo Global Management; Ares Management; Avenue Capital Group; BlueMountain Capital Partners; GSO Capital Partners; Intermediate Capital Group; Muzinich; Oaktree Capital Management and York Capital Management were approved by the £5.6 billion ($9.1 billion) fund.
The specific allocation to credit and to each manager hasn't been determined since “the exact amount will depend on the opportunities available in the market,” Ms. Moreno said. Funding will likely come from existing cash and/or new inflows.
The credit strategies will form part of the PPF's alternatives portfolio, which has an overall target allocation of 20% of total assets, according to data provided by the fund.