North Carolina Retirement Systems, Raleigh, allocated $1.83 billion to eight managers since November, according to Wednesday’s investment advisory committee documents.
In opportunistic fixed income, the system committed $1.225 billion to five direct lending funds. It committed $425 million to HPS Cardinal Fund and $200 million each to HPS Kitty Hawk Credit Fund and HPS Specialty Loan Fund – 2016, all managed by HPS Investment Partners. The pension fund also committed $250 million to Benefit Street Partners Debt Fund IV and $150 million to Benefit Street Partners Capital Opportunity Fund II.
In private equity, the $87.6 billion system committed $125 million to Littlejohn Opportunities Fund II, a distressed debt fund managed by Littlejohn & Co.; $60 million to ARCH Venture Fund IX Overage, an early-stage venture capital fund managed by ARCH Venture Partners; $40 million to Blackstone TN Partners, managed by Blackstone Group; and $30 million to buyout fund Carousel Capital Partners V.
In multistrategy, the system made direct hedge fund investments of $150 million each in Gladius Arx Fund and Gladius Venator Fund, both managed by Gladius Capital Management.
In non-core real estate, the system made a follow-on commitment of $50 million to Rockwood Development Partners, managed by Rockwood Capital. The system originally committed $200 million to the fund in 2016.