Wyoming State Loan and Investment Board, Cheyenne, approved a commitment to KKR U.S. Direct Lending Evergreen Fund.
The board approved the commitment to the direct lending fund managed by KKR & Co. at its Oct. 5 meeting, said Patrick Fleming, chief investment officer.
The board does not disclose the amounts of its alternative fund commitments.
The KKR commitment is the latest in the board's effort to reach private credit targets in the various funds it oversees by 2025.
In April 2021, the board approved creating new targets to private credit of 7% each in the Common School Permanent Land Fund and Higher Education Endowment Fund, which have combined assets of $4.9 billion; and 5% each in the Permanent Wyoming Mineral Trust Fund, Permanent Land Fund, University Permanent Land Fund and Hathaway Scholarship Fund, which have combined assets of $10.8 billion, and the $2.5 billion Workers' Compensation Fund.
Wyoming State Loan and Investment Board oversees a total of $26.6 billion in state assets, which also includes the $6.1 billion State Agency Pool of operating funds.
