The Vermont Pension Investment Commission, Montpelier, committed $50 million to AG Direct Lending Fund V on behalf of the $5.7 billion Vermont State Retirement Systems, according to Andy Cook, an investment analyst with the Vermont State Treasurer's Office.
The commitment to the private and alternative credit fund managed by Angelo, Gordon & Co. and Twin Brook Capital Partners was approved at a VPIC meeting Tuesday, Mr. Cook said in an email.
The overseer of Vermont's three largest pension funds has made previous investments with Angelo Gordon, including a $50 million investment in AG Direct Lending Fund IV in 2020, Mr. Cook said.
VPIC also approved a $20 million commitment to HarbourVest Partners Co-Investment Fund VI. VPIC has committed $595 million to HarbourVest funds since 2011, including a $25 million commitment to HarbourVest Partners Co-Investment Fund V in 2018, according to VPIC's meeting documents.
As of March 31, VPIC's allocation to private equity and private and alternative credit was 8.2% and 5%, respectively. Its target allocation to each of the two asset classes is 10%.
The three pension funds that make up the Vermont State Retirement Systems are the Vermont Municipal Employees' Retirement System, Vermont State Teachers' Retirement System and the Vermont State Employees' Retirement System.
