Indiana Public Retirement Boosts Real Assets, Credit Portfolios

The Indiana Public Retirement System has earmarked $450 million for its real estate and private credit portfolios.

The $46.7 billion retirement system allocated $150 million to 400 Capital Asset Based Term Fund IV, a private credit fund managed by New York-based alternative asset manager 400 Capital Management.

The firm did not set a target in documents submitted to the Securities and Exchange Commission at the start of the year but may be looking to beat the $580 million raised for its predecessor in the strategy.

Infrastructure took home a significant share of the commitments with $100 million going to core-plus, value-added Basalt Infrastructure Partners IV as well as an additional $50 million earmarked to a related co-investment vehicle.

Crescent Capital Group garnered $100 million from the Indiana Public Retirement System towards its European Specialty Lending Fund III. Its 2020 predecessor secured an oversubscribed $1.75 billion, including anticipated leverage, against a $1 billion target.

Real estate manager, The Related Companies, received $50 million for its Related co-investment vehicle, an opportunistic fund in conjunction with the firm’s fourth flagship real estate fund.

Macquarie Coastal co-investment, an infrastructure co-investment vehicle for use alongside Macquarie Infrastructure Partners IV, received $15 million from the pension fund.

As of March 31, the Indiana Public Retirement System’s allocations to private markets was 16.2%, with 8.7% going to real assets.