Baltimore City Employees’ Retirement System made two new direct lending commitments totaling $30 million.
The $2.2 billion pension fund’s board at its Feb. 20 meeting approved commitments of $15 million each to TPG Direct Lending Evergreen Fund and Turning Rock Direct Lending Fund III, managed by Turning Rock Partners, spokeswoman Aja Jackson said.
TPG and Turning Rock are new managers for the pension fund. The commitments are the third and fourth for the pension fund to its private debt asset class.
The board had approved its first private debt commitments in December 2023: $15 million each to Brightwood Capital Fund V, a private credit fund managed by Brightwood Capital Advisors, and Carlyle Direct Lending Fund (Levered), a direct lending fund managed by Carlyle Group.
As of Feb. 28, the pension fund’s actual allocation to private debt was 1.1%; the target is 4%.
Investment consultant Marquette Associates assisted.
