New Orleans City Employees' Retirement System committed a total of about $19 million to two middle-market private debt funds, wrote Jesse Evans Jr., director of the $370 million pension fund, in an e-mail.
The pension fund committed about $13 million to Crescent Direct Lending, managed by Crescent Capital Group, and about $6 million to Cyprium Investors IV, managed by Cyprium Partners.
The pension fund issued an RFP in December; other finalists were Arrowhead Mezzanine, Congruent Investment Partners, Harbert Management and LBC Credit Partners.
Separately, the pension fund named finalists in its search to commit about $14 million to a non-core private real estate fund.
Finalist funds and managers that will make presentations at the board's May 21 meeting are American Strategic Value Realty Fund, managed by American Realty Advisors; Heitman Value Partners III; Intercontinental U.S. REIF, managed by Intercontinental Real Estate Corp.; and Principal Enhanced Property Fund, managed by Principal Real Estate Investors.
Investment consultant The Bogdahn Group is assisting with all searches.