Boston Retirement System approved commitments to three direct lending funds totaling $70 million.
The $7 billion pension fund’s board approved commitments of $50 million to GoldenTree Private Credit Fund II, managed by GoldenTree Asset Management, and $10 million each to 400 Capital Asset Based Offshore Term Fund IV, managed by 400 Capital Management, and HarbourVest Direct Lending II, managed by HarbourVest Partners, at its Aug. 21 meeting, recently released meeting minutes show.
The pension fund issued an RFP in February in order to fulfill its private debt pacing plan for 2024, according to the minutes.
As of June 30, the pension fund’s actual allocation to private equity and debt was 11.3%; the target is 11%.
Investment consultant NEPC assisted.
