Chicago Laborers' Annuity & Benefit Fund added $10 million to its previously approved investment in Partners Group Private Credit Strategy A, to bring the total investment to $25 million.
The $1.3 billion pension fund's board at its Dec. 17 meeting voted to add to the strategy after rescinding a previously approved $10 million investment in Oaktree Life Sciences Lending Fund, managed by Oaktree Capital Management, recently released meeting minutes show.
The minutes did not provide a reason for reversing its Oct. 19 vote to invest in the Oaktree fund. Also at the Oct. 19 meeting, the pension fund's board had approved a $10 million investment in Victory Park Capital Asset Backed Opportunistic Credit Fund, managed by Victory Park Capital Advisors.
The pension fund issued an RFP in June for private credit managers to run a "commingled fund for a private debt or direct lending portfolio," the RFP said at the time.
As of June 30, the pension fund's actual allocation to private markets was 3.3%; the target is 7%.
Investment consultant Marquette Associates assisted.
Tina Consola, executive director, could not be immediately reached to provide further information.
