LGPS Central, Wolverhampton, England, committed €125 million ($137 million) to P Capital Partners Credit Fund V managed by private credit manager P Capital Partners, a spokesman said.
The pool of U.K. local government pension schemes with £55 billion in assets, in total made £1.1 billion commitments through its LGPS Central's Credit Partnership II subfund.
"PCP's unique value proposition, bolstered by a successful track record, has captivated investors seeking diversification and stable returns," Mike Gillespie, investment director, private credit at LGPS Central, said in a news release Thursday.
"This appeal is driven by three key factors: a focus on non-sponsored deals in the Nordic and DACH (Germany, Austria and Switzerland) regions, which bolsters portfolio resilience through diversification; a seasoned investment team with a decade-long track record, generating consistent and reliable results; and a meticulous risk management process led by a conservative and thoughtful management team, ensuring strong financial covenants and safeguarding investor capital," he added.
