Indiana Public Retirement System, Indianapolis, committed or invested a total of $180 million to three alternative investment funds from the $31.9 billion defined benefit plan.
Pension fund officials, who have investment discretion, informed trustees during a board meeting Friday that between meetings they committed a total of $130 million to two private equity managers from the pension fund's $3.5 billion private equity portfolio.
The largest commitment was $75 million to Bregal Sagemount III-B, a growth equity fund. In 2017, INPRS committed $50 million to the earlier fund in the series managed by Bregal Investments.
New manager BlackFin Capital Partners was awarded a commitment of €50 million ($55 million) to BlackFin Financial Services Fund III. The fund's portfolio managers will seek investment in scalable financial services companies with low-capital requirements, balance sheet risk and significant recurring revenues in continental Europe.
From INPRS' $3 billion hedge fund portfolio, an additional $50 million was invested in Aeolus Capital Management's reinsurance fund Aeolus Property Catastrophe Keystone PF Fund, bringing the total invested as of Dec. 31 to $95 million.
As of Dec. 31, INPRS had a total of $38.2 billion, including the $31.9 billion defined benefit plan as well as $5.9 billion in the state's defined contribution plan and $392 million in other state funds.