Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, committed $25 million to Alcentra's Clareant European Direct Lending Fund II, said Lisa Murray, chief investment officer at the Oklahoma state treasurer's office, which oversees the $956 million trust, in an e-mail.
An RFP was issued in April for European direct lending managers. The other finalist was Hayfin Capital Management.
In February, the board raised its private debt target 2 percentage points to 10% of the overall portfolio. Alcentra is the endowment trust's first European direct lending manager.