Iowa Public Employees' Retirement System, Des Moines, selected four mangers to run $700 million in opportunistic private credit strategies for the $39 billion pension plan, IPERS spokeswoman Shawna Lode confirmed in an email.
At its quarterly meeting on March 26, the board hired Crestline Investors and Marathon Asset Management to each manage $250 million in opportunistic private credit strategies.
The board also hired Ares Management and Audax Management Co. to manage $100 million apiece in mezzanine lending strategies for the pension plan.
IPERS issued the RFP in October after the board decided to increase its allocation to private credit to 8% from 3%.
Wilshire Associates, investment consultant for the plan, assisted in the searches.
Additionally, IPERS plans to add $100 million to an existing opportunistic private credit strategy run by KKR, which currently manages roughly $151 million for the plan.
The IPERS staff expects to recommend additional private credit strategies to the board in the areas of specialty finance, real assets, special situations and other specialties in June.
IPERS returned a net 13.5% for the year ending Dec. 31.
