Wyoming State Loan and Investment Board, Cheyenne, approved two new private credit commitments at its April 6 meeting.
The board approved commitments to Ares Pathfinder II, managed by Ares Management, and Kennedy Lewis Capital Partners Master Fund III, managed by Kennedy Lewis Management, 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 latest private credit commitments, both firsts for the board to both managers, are the latest in its 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 $4.8 billion) and 5% each in the Permanent Mineral Trust Fund, Permanent Land Fund, University Permanent Land Fund and Hathaway Scholarship Fund (which have combined assets of $10.4 billion) and $2.4 billion Workers' Compensation Fund.
In April 2022, the board approved a commitment to private credit fund BlackRock Global Credit Opportunities Fund II, and in October approved commitments to AG Direct Lending Evergreen Fund, managed by Angelo Gordon & Co., and Atalaya Asset Income Fund Evergreen, managed by Atalaya Capital Management.
The Wyoming State Loan and Investment Board oversees a total of $25.1 billion in state assets, which also includes the $5.2 billion State Agency Pool of operating funds.
As of Feb. 28, the actual allocation to private credit across all assets the board oversees was 0.5%.
Investment consultant RVK assisted.