Indiana Public Retirement Commits $298M to Private Credit, Real Assets
The $45 billion Indiana Public Retirement System (INPRS) continues to expand its private markets allocation, committing $298 million across private credit and real assets strategies in its latest round of allocations, according to recent board meeting materials.
On the credit side, INPRS committed a total of $200 million to HPS Investment Partners. The system allocated $100 million to HPS Strategic Investment Partners VI, a fund targeting privately negotiated junior debt and high-yielding fixed and floating rate debt instruments. An additional $100 million was committed to a direct co-investment alongside the HPS Strategic Investment Partners VI fund, further deepening INPRS’s relationship with HPS and its focus on bespoke credit opportunities.
In real assets, INPRS approved three new allocations totaling $98 million. The largest was a $75 million commitment to Lena Specialty Grocer Fund III, managed by Longpoint, which focuses on specialty grocery-anchored neighborhood retail centers in major U.S. markets — a niche retail segment viewed as defensively positioned within real estate allocations.
Additionally, INPRS committed $15 million to Macquarie Project Beaker Co-Investment, deployed alongside Macquarie Infrastructure Partners VI, which continues to target infrastructure assets across sectors including transportation, digital, utilities, and energy. The system also made an $8 million co-investment in EnCap Energy Capital Fund XII Double Eagle V, managed by EnCap Investments, focusing on U.S. oil and gas opportunities.
INPRS’s defined benefit plan continues to deliver strong returns, reporting gains of over 10% annualized through April 30. The private markets portfolio — including private credit allocations dating back to 2017 — has returned over 7% annualized, while real assets have posted a 4.65% gain over the same period.
