Wyoming State Loan and Investment Board, Cheyenne, approved two new commitments at its Aug. 3 meeting.
The board approved commitments to Banner Ridge Secondary Fund V, a secondary private equity fund managed by Banner Ridge Partners, and Strategic Value Capital Solutions Fund II, an event driven and special situations private and public credit fund managed by Strategic Value Partners, said Patrick Fleming, chief investment officer, in an email.
The board does not disclose the amounts of its alternative fund commitments, Mr. Fleming said.
The commitments are firsts for the board to both managers, and the Strategic Value commitment specifically 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 $2.5 billion Workers' Compensation Fund.
The Permanent Mineral Trust Fund, Permanent Land Fund, University Permanent Land Fund and Hathaway Scholarship Fund have a target allocation to private equity of 8.4% each. No other funds have a private equity target.
The 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.
