Investment officers of the Indiana Public Retirement System, Indianapolis, committed an additional $100 million to Intermediate Capital Group for European direct lending from the system's $36.7 billion defined benefit plan, according to a report from the system's Oct. 28 board meeting.
INPRS committed its first $100 million to ICG Senior Debt Partners, a separately managed account, in 2018. The additional $100 million commitment was made on Sept. 28.
The additional allocation is from INPRS' $6.4 billion private markets portfolio, which accounted for 17.3% of total DB plan assets as of Sept. 30.
Additionally, two strategies with total assets of $181 million were terminated from the system's $2.8 billion real assets portfolio, according to the board report.
The INPRS investment team terminated BlackRock on Aug. 22 for management of $106 million in INPRS U.S. Industrial REIT index separately managed account. INPRS' first invested in the strategy in 2016.
INPRS also terminated Mesa West Capital, which managed $75 million in Mesa West RE Income Fund IV, on July 27. INPRS first invested in the fund in 2017.
The Mesa West open-ended limited partnership originates floating and fixed-rate first mortgage loans for institutional-quality properties across the U.S., said the investment team in the board report.
The defined benefit plan's real assets portfolio represented 7.6% of plan assets as of Sept. 30.
INPRS' investment team did not provide reasons for the terminations in the board report.
INPRS managed a total of $42.9 billion as of Sept. 30.
In addition to the $36.7 billion defined benefit plan, INPRS also managed $5.7 billion in defined contribution assets and $450 million in benefit and relief funds as of Sept. 30, the INPRS report showed.
