Iowa Public Employees' Retirement System, Des Moines, hired two private credit managers to run $100 million each for the $40.4 billion pension plan, confirmed spokeswoman Shawna Lode.
At its Thursday meeting, the board hired ArrowMark Partners, which specializes in specialty finance credit, and HPS Investment Partners, which focuses on real assets credit.
IPERS also plans to invest an additional $100 million to its existing opportunistic private credit separately managed account run by KKR & Co. Prior to this additional allocation, the pension plan had $250 million in this strategy, Ms. Lode said.
Late last year, the IPERS board decided to increase its private credit target allocation to 8% from 3%.