Michigan Municipal Employees' Retirement System, Lansing, committed $100 million to MC Credit Fund.
The fund, managed by MC Credit Partners, will provide direct lending to middle-market companies, according to a news release from the $8.7 billion pension fund.
“Financial regulation and global retrenchment by banks has resulted in a reduction of traditional financing options available for middle-market companies. This has created a tremendous opportunity for alternative supplies of debt capital to fill the void,” said Jeb Burns, MERS' chief investment officer, in the news release.
Mr. Burns did not immediately respond to an e-mailed request for more information about the new commitment.