Indiana Public Retirement System, Indianapolis, announced commitments and investments totaling $507 million to nine alternative investment strategies run by seven managers from the system's $28.7 billion defined benefit plan.
Investment officers of the fund, who have investment discretion, informed trustees about commitments totaling $190 million they had awarded between meetings to three private credit managers, a board meeting report issued Feb. 22 showed.
Existing manager TPG received commitments of $75 million to TSSP Adjacent Opportunities Partners (D) and $25 million to TSSP Adjacent Opportunities Fund (B), which will invest in special situations and distressed debt.
INPRS also committed $90 million to Crescent European Specialty Lending Fund II, which is focused on acquiring debt of western European companies and is managed by Crescent Capital Group, an existing manager.
Existing real estate managers Carlyle Group and Blackstone Group also received commitments to new funds with $100 million earmarked by the retirement system's investment staff for Carlyle Property Investors, an open-end U.S. core fund. Blackstone Real Estate Partners IX, an opportunistic fund seeking discounted properties in North America, received a $75 million commitment.
Three private equity managers received a total of $121 million in commitments with $85 million set aside for Sumeru Equity Partners Fund III, a buyout fund that will seek growth investments in North American middle-market technology firms. INPRS also committed $21 million to SEP-Heartland Fund III Co-Invest, a companion fund to the third fund in Sumeru's series that will invest alongside some investments in the main fund. INPRS previously committed $90 million to the first fund in Sumeru's series.
The pension fund's private equity team also committed an additional $15 million to EFM Moda Holdings, a co-investment with EnCap Flatrock Midstream Fund III that invests in liquid storage and distribution. INPRS initially committed $15 million to the co-investment in 2015; the investment totaled $22.5 million as of Jan. 31, board meeting materials showed.
INPRS' investment team invested an additional $21 million in Aeolus Property Catastrophe Keystone Fund, a property casualty reinsurance and risk absolute-return strategy managed by Aeolus Capital Management. The pension fund initially invested $50 million in the fund in 2015; the investment totaled $122 million as of Jan. 31, according to the board report.
Trustees also learned that the staff redeemed $104 million from a core-plus fixed-income strategy managed by Goldman Sachs Asset Management because the strategy is no longer included in the pension fund's strategic asset allocation.
INPRS managed a total of $34.3 billion as of Jan. 31. In addition to the defined benefit plan, the retirement system managed $5.5 billion in the state's defined contribution plan and $113 million in other non-pension funds.