Board members of the Indiana Public Retirement System, Indianapolis, approved three commitments totaling $160 million to two existing managers from the system's $41.3 billion defined benefit plan during their Sept. 8 meeting, the board book said.
The largest allocation to the system's defined benefit plan was $100 million to New Mountain Strategic Equity II, managed by private equity manager New Mountain Capital Group.
The New Mountain fund will target "high quality, often founder-owned businesses seeking value-added acquisition/growth capital," INPRS' statement said.
The second commitment to New Mountain is for $50 million to be invested in NM IN Co-Invest II, which "will invest alongside certain New Mountain funds in select deals," the report said.
INPRS' private markets portfolio, which includes private equity among other alternative strategies, totaled $6.4 billion as of July 31 and accounted for 15.6% of defined benefit plan assets as of the same date.
INPRS' investment officers committed $10 million to KKR Project Denali Co-Invest from the system's $3.3 billion real assets portfolio which accounted for 8.1% of total DB plan assets.
In addition to the system's defined benefit plan, as of July 31, INPRS' defined contribution plan totaled $6.6 billion. The rest of the system's assets are in nonpension-related funds according to INPRS' board book.
