South Carolina Retirement System Investment Commission, Columbia, committed a total of $250 million to one direct lending strategy and two opportunistic real estate funds, confirmed Danny Varat, a commission spokesman.
The commission, which oversees management of the $27.3 billion South Carolina Retirement Systems, committed $100 million to Golub Capital PEARLS Direct Lending Program; $75 million to Oaktree Real Estate Opportunities Fund VI, managed by Oaktree Capital Management; and $75 million to Brookfield Strategic Real Estate Partners, managed by Brookfield Asset Management.
Funding for the real estate investments will come as part of building out the system's real estate program; the target real allocation will rise by two percentage points to 5% on July 1, the start of the fund's fiscal year, according to documents from the May 23 meeting.
The source of funding for the direct lending fund could not be learned. The target allocation to private debt and opportunistic credit will drop to 7% from 8.5% when the new asset allocation is implemented on July 1.