Wyoming Investment Board Allocates $250M to Two Credit Funds

The Wyoming State Investment and Loan Board has committed $250 million to its private credit portfolio, with a strategic emphasis on special situations, as announced during a meeting last week. This significant investment is channeled through two key players in the private credit space: Kennedy Lewis Investment Management and TPG Angelo Gordon.

The board allocated $100 million to the Kennedy Lewis Capital Partners Master Fund IV, an opportunistic credit fund. This fund adopts a flexible investment approach, targeting opportunities across North America and Europe. It focuses on directly originating highly structured senior debt investments in middle-market companies that are navigating disruption or undergoing transitions. Kennedy Lewis is not new to Wyoming’s portfolio, currently managing $87 million within the state’s credit program.

The board also approved a $150 million allocation to TPG Angelo Gordon split between a Separately Managed Account ($50 million) and TPG AG Credit Solutions Fund III ($100 million). The fund is a closed-ended, drawdown vehicle with an ambitious goal of raising $4.5 billion in total commitments.

TPG Angelo Gordon is already an established manager in Wyoming’s credit program, overseeing approximately $90 million through the AG Direct Lending Evergreen fund.

Wyoming’s overall investment portfolio stands at $27 billion. Approximately $616 million is distributed across eight funds within the private credit segment. As of the end of January, these investments have achieved annualized gains of 9%.