Indiana Retirement Loads Up on Real Estate, Private Credit

The Indiana Public Retirement System allocated capital to three investments across real estate and private credit strategies, according to board meeting materials.

The $46 billion pension system made a $100 million co-investment in the real assets portfolio with Ambrose Property Group’s Ambrose Fund IV, which it invested in earlier this year.

In private credit, officials committed $200 million to a separately managed account administered by Barings in addition to the Barings Global Private Loan Fund. The fund lends to middle-market businesses in Australia/New Zealand, Europe, and North America.

In the fixed income portfolio, the pension system allocated $75 million to Oak Hill Advisors’ OHA Structured Products Fund III.

Oak hill invests in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. The fund seeks to capitalize on periods of dislocation in the collateralized loan obligation (CLO) market. The strategy invests opportunistically across CLO debt and equity tranches in the U.S. and Europe, primarily in the secondary market.

The Indiana Public Retirement System has roughly $6.5 billion invested across private markets, including private equity, private credit and real estate investments.