Investment officers of the Indiana Public Retirement System, Indianapolis, committed a total of $592 million to seven money managers from the system's $38.5 billion defined benefit plan, according to the pension fund's most recent report.
The largest allocation by asset class was a combined $442 million earmarked for five managers from the DB plan's $6.3 billion private markets asset class.
The largest allocation from the system's private markets portfolio was an additional commitment of $125 million to Sixth Street Tao, a fund managed by Sixth Street Partners.
The manager focuses on growth opportunities and direct lending opportunities.
An INPRS spokesman said in an email that INPRS' investment officers initially committed $25 million to Sixth Street TAO as well as $75 million to TAO Contingent in 2019.
The commitment to the TAO Contingent Fund expired in 2023 and investment staff rolled the $75 million from that fund into TAO Sixth Street TAO and committed an additional $50 million, the spokesman said, noting that the total commitment to Sixth Street TAO now is $150 million.
CVC Capital Partners IX, managed by CVC Partners, was awarded $118 million, the report said. The fund's portfolio managers seek to make control equity investments in western European companies.
New Mountain Partners VII received a $100 million commitment from the system's private market portfolio. The company's investment team seeks to make
control-equity investments in high quality businesses in cyclical defensive growth niche sectors.
BlackFin Capital Partners received a commitment of $80 million from INPRS' private markets portfolio for investment in BlackFin Financial Services Fund IV.
The firm seeks equity investments in scalable and proven asset-light financial service businesses based in Europe.
INPRS' investment team also committed $19 million to Project Serrano, an equity co-investment that is managed alongside existing INPRS manager Francisco Partners.
As of May 31, total assets invested in INPRS' private market portfolio was 16.5% of total fund AUM.
From the system's $3.3 billion real assets portfolio, investment staff committed a total of $150 million to two managers, according to the fund report.
The largest allocation to real estate was $100 million to Ambrose Fund IV, an opportunistic equity industrial fund, managed by Ambrose Property Group.
INPRS' investment team committed $50 million to Affordable Housing Fund, which is managed by The Related Companies.
The fund's portfolio managers will acquire, operate and preserve workforce and affordable housing properties across the U.S.
As of May 31, INPRS' real assets portfolio was 8.6% of plan assets.