Chicago Laborers' Annuity & Benefit Fund approved three new private credit investments totaling $35 million.
The $1.3 billion pension fund's board at its Oct. 19 meeting approved investments of $15 million to Partners Group Private Credit Strategy A and $10 million each to Oaktree Life Sciences Lending Fund, managed by Oaktree Capital Management, and Victory Park Capital Asset Backed Opportunistic Credit Fund, managed by Victory Park Capital Advisors, recently released meeting minutes show.
The pension fund issued an RFP 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.