Chicago Municipal Employees' Annuity & Benefit Fund made three new private credit commitments totaling up to $100 million.
The $3.3 billion pension fund committed up to $40 million each to AG Direct Lending Fund V, managed by Angelo, Gordon & Co., and Partners Group Private Credit Strategy A; and up to $20 million to Brightwood Capital Fund V, managed by Brightwood Capital Advisors, said Stephen Wolff, investment officer.
They are the first commitments for a new dedicated 4% target to private credit, Mr. Wolff said. He said it will primarily be funded from fixed income and partially from real estate over time.
Investment consultant Marquette Associates assisted.