Indiana Public Retirement System, Indianapolis, committed or invested a total of $1.2 billion to 10 money managers running 11 strategies, a report from the system showed.
The largest asset-class commitment from the retirement system's $40 billion defined benefit plan totaled $455 million from its $6.1 billion private markets portfolio, all going to existing managers.
The largest commitment was $160 million to Francisco Partners, with $120 million going to Francisco Partners VII and $40 million to Francisco Partners Agility III. The funds' portfolio managers will invest in growth and buyout deals in the technology sector and will focus on middle-market companies in the U.S., Europe, Israel and other regions.
Investment officers committed $150 million to Apollo Strategic Origination Partnership, a direct-lending fund managed by Apollo Global Management. The fund will lend to large corporate borrowers in North America.
Veritas Capital Fund VIII, managed by Veritas Capital Fund Management, received a $125 million commitment for investment in companies providing products, services and solutions, typically in technology or technology-enabled solutions, to government customers and government- and policy-influenced markets and customers.
INPRS committed $20 million to Minerva Partners, a co-investment in a buyout of a U.S. health-care company run by existing manager Hellman & Friedman.
Three of four managers that share a total commitment of $380 million from the pension fund's $2.8 billion real assets portfolio are new to INPRS.
Two of those new managers focus on infrastructure and each received $150 million commitments to InfraVia Capital Partners' InfraVia European Fund V and Ardian U.S.' Ardian Americas Infrastructure Fund V.
InfraVia's portfolio managers seek investment in core-plus infrastructure in European midmarket infrastructure companies including utilities, digital, energy transition, transportation and other sectors. Ardian's core-plus infrastructure fund will focus on North American midmarket infrastructure companies along with a limited number of infrastructure opportunities in South America.
INPRS investment staffers invested an additional $50 million in TA Realty Core Property Fund, an open-ended real estate fund whose portfolio teams will target high-quality assets in industrial, multifamily, office and retail sectors primarily in major U.S. metropolitan areas. The pension fund previously committed $50 million to the fund.
Existing real estate manager CenterSquare Investment Management was given a $30 million commitment for CenterSquare SFR Co-Investment Vehicle, which will invest in single-family rental properties alongside CenterSquare Value Added Fund V. INPRS committed $30 million to the value-added fund in August 2021.
Existing manager Parametric Portfolio Associates received $200 million from the retirement system's $7.9 billion risk-parity portfolio. Parametric will passively track the S&P Risk Parity 2.0 index.
From the system's $3.7 billion absolute-return portfolio, $150 million was committed to Blackstone Tactical Opportunities Fund IV. Portfolio managers of the special situations fund will invest in pre-initial public offering companies, unique assets and special credit opportunities.
INPRS also redeemed a total of $253 million from two hedge funds within the absolute-return portfolio, with $142 million from multistrategy manager Davidson Kempner Capital Management's Davidson Kempner International fund and $111 million from global macro specialist Rokos Capital Management's Rokos Global Macro Master Fund. Both were full redemptions.
INPRS had a total of $47.2 billion in assets as of March 31.
In addition to the $40 billion defined benefit plan, the retirement system has $6.7 billion in defined contribution plans and $490 million in other funds.