Wisconsin Board of Commissioners of Public Lands, Madison, made two new private debt commitments totaling $56 million.
The board's investment committee approved commitments totaling an aggregate $28 million each to AG Direct Lending Evergreen Fund, an open-end direct lending fund managed by Angelo Gordon & Co., and private debt fund Golub Capital Partners 15, said Richard Sneider, chief investment officer.
By asset pool, the board approved committing $25 million to each direct lending fund for the state's $1.4 billion Common School Fund and $3 million each for the state's $30 million Normal School Fund.
Sneider said the commitments for the Common School Fund fall within the "other private debt" asset class, which has a target allocation of 15%. The target allocation to private debt for the Normal School Fund is 35%. Sneider said the new commitments will bring the allocations up to target. Both Angelo Gordon and Golub Capital are new managers for the board, he said.
The Wisconsin Board of Commissioners of Public Lands oversees the state's Common School Fund, which provides funding to Wisconsin's public schools; the Normal School Fund, which provides scholarships for aspiring teachers; and three other state trust funds.
Investment consultant Marquette Associates assisted.
