Indiana Public Retirement System, Indianapolis, committed a total of up to $185 million to three private equity funds and $50 million to an absolute-return fund managed by Ionic Capital Management, said documents presented at the pension fund's June 20 board meeting.
The $29.7 billion pension fund committed $75 million to New Mountain Partners IV, a middle-market private equity fund managed by New Mountain Capital; $60 million to EnCap Flatrock Midstream III, an oil and gas fund; and up to $50 million to ABRY Advanced Securities III, a fund managed by ABRY Partners that makes leveraged investments in senior debt securities
Separately, the INPRS board approved hiring TorreyCove Capital Partners as the pension fund's private equity consultant and retained Aksia as its absolute-return consultant. RFPs for both were issued in November 2013.
TorreyCove replaces Strategic Investment Solutions, which was allowed to rebid. SIS is the pension fund's current general investment consultant. “We selected the consultant we believe will best service the needs of the investment staff,” said Jennifer Dunlap, INPRS spokeswoman.
The pension fund's board also approved conducting an asset-liability study in the next fiscal year, beginning July 1, as part of the fund's overall three-year strategic plan. The study will be conducted by the pension fund's next investment consultant; an RFP for a consultant was posted Monday on the fund's website. SIS, whose contract expires later this year, can rebid, Ms. Dunlap said.