Border to Coast Pensions Partnership, Leeds, England, committed about $735 million to six private credit funds as part of its £3 billion ($4.1 billion) private markets program, a spokesman confirmed.
The pool, whose U.K. local authority partner funds have £46 billion in assets, committed:
- $160 million to Churchill Middle Market Senior Loan Fund IV, run by Churchill Asset Management. The fund is a North American direct-lending strategy focused on middle-market companies.
- $125 million to GSO Capital Opportunities Fund IV, run by Blackstone and focused on global mezzanine investments in North America and Europe.
- $115 million to Ares Capital Europe V, run by Ares Management and focused on European direct lending to middle-market companies.
- $104 million to HPS Mezzanine Partners 2019, run by HPS Investment Partners and focused on mezzanine financing in North America and Europe.
- $100 million to Fortress Credit Opportunities V, run by Fortress Investment Group and focused on stressed and distressed companies in North America and Europe.
- £95 million to Barings European Private Loan Fund III, a European direct-lending strategy focused on middle-market companies.
Consultant Albourne Partners assisted with the manager selection.
"We are very pleased with the continued deployment of capital within our private markets program and the completion of our first offering for private credit. As a result of our scale and early engagement, we have been able to generate meaningful fee savings for our partner funds," Mark Lyon, head of internal management at the pool of local authority pension funds, said in a news release.
