Texas, Massachusetts systems reveal real estate debt, direct lending investments
Texas ERS, TCDRS disclose commitments worth USD 875m; MassPRIM invests in KKR's opportunistic real estate debt fund

Michigan, New Mexico make large bets on asset-based credit strategies
Michigan SIB commits USD 800m to Apollo, LGT credit funds; New Mexico SIC allocates USD 400m for Ares, Pemberton funds

New York, Texas among systems making opportunistic, real estate credit allocations
NYSCRF allocates USD 550m to Apollo, Kennedy Lewis; TCDRS commits USD 150m to Blue Owl real estate fund

CalPERS, CalSTRS disclose large commitments to Blackstone credit vehicles
CalPERS invests USD 5.75bn in 3Q25 across seven vehicles; CalSTRS, LACERA reveal allocations totalling USD 750m each

Montana, North Carolina systems aim large allocations for real estate debt
Montana commits USD 250m to Walton Street, GoldenTree funds; North Carolina plans USD 1.7bn in commitments, with USD 1bn for real estate debt

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Wisconsin, Texas systems increase commitments to opportunistic credit
Wisconsin Investment Board allocates USD 650m in 4Q25; Texas system commits USD 350m to LuminArx, Ares

New Jersey, Oklahoma systems double down on private credit SMAs
New Jersey DOI commits USD 600m to Golub Capital, while Oklahoma, NY systems increase allocations to SMAs; Vermont pension could commit USD 235m in 2026

South Carolina, Texas among systems disclosing recent credit allocations
Ares Pathfinder Fund III to launch in 1Q26 with USD 5bn target, while South Carolina system allocates USD 550m to two managers and Illinois and Montana systems commit USD 150m across various funds

Giant deals, fundraising beyond US direct lending dominate 2025
While unpredictable tariff policies introduced volatility into public credit markets, direct lenders stepped up in 2025

New York State Common Retirement Fund commits USD 200m to Oak Hill's CLO fund
The pension fund has committed the funds to OHA CLO Equity Fund III, which will target investments in North America and Europe

CalPERS, LACERS among pensions disclosing recent private credit investments
CalPERS invests USD 1bn in climate-focused private credit fund by Goldman Sachs, while LACERS commits USD 170m to TPG Twin Brook, Sixth Street funds

Private credit stands its ground against stiff competition from banks – Market Chatter
Despite an initial wave of fretting and fanfare, direct lenders have largely managed to retain an edge by proactively cutting margins on loans

Public Pensions, Private Pursuits: 5th-9th July 2024
Florida, Wisconsin, and Vermont pension systems disclosed new private credit commitments, while the New York State (NYS), New Mexico, and Alameda County, California funds planned future mandates

Funds roundup: June 2024
Private credit funds keep getting larger — some reaching billion-dollar status — while demand for niche solutions, such as interval funds and special situations, continues to escalate