Indiana Public Retirement System, Indianapolis, committed a total of $122 million to two alternative investment strategies run by existing managers in October from the system's $32 billion defined benefit plan.
The largest commitment was an additional $100 million from the DB plan's $4 billion private markets portfolio to HPS Brickyard Direct Lending Fund, a separately managed account, said investment officers in a report for the system's Board of Trustees meeting conducted remotely Friday.
INPRS initially invested $100 million on June 1, 2018, in the account, managed by HPS Investment Partners. The account targeted equal investment in the HPS Specialty Loan Fund 2016 and HPS Core Senior Lending Fund.
In their board report, investment staff said "INPRS's existing SMA is nearly fully invested and this re-up will invest alongside" the next commingled funds in HPS' fund families — HPS Specialty Loan Fund V and HPS Core Senior Lending Fund (PB) II. INPRS had committed $100 million to HPS Specialty Loan Fund V in the first half of this year.
From the $2.1 billion real estate portfolio, INPRS's staff rolled over $22 million to Blackstone BioMed Life Sciences Real Estate, a life science-related, core-plus real estate fund managed by existing manager Blackstone Group.
In November, Blackstone Real Estate Partners VIII purchased BioMed's life science real estate portfolio in a recapitalization of the company from another Blackstone real estate fund.
Investment officers said in the report that as an investor in Blackstone Real Estate Partners VIII, INPRS took advantage of Blackstone's offer to current investors in the fund to move those assets into the open-ended core life sciences fund. The fund's portfolio managers will seek investments in life science office properties in the U.S.
INPRS had a total of $38.3 billion in assets as of Oct. 31. In addition to the defined benefit plan, INPRS managed $5.9 billion from defined contribution plans. The balance of assets were managed in other state funds.