June 17, 2021 (Des Moines, IA) – Today the Investment Board of the Iowa Public Employees’ Retirement System (IPERS) approved hiring two new private credit managers. The hirings are in response to the Board’s decision in late 2020 to increase IPERS’ private credit target allocation from 3% to 8%.

IPERS’s current private credit portfolio is largely composed of direct lending strategies. In October 2020 IPERS issued an RFP for managers with expertise in opportunistic credit strategies. Proposals from the 80 respondents that met minimum requirements were broken up into specific areas: multi-strategy, mezzanine, specialty finance, real assets, special situations and other. (Multi-strategy and mezzanine managers were approved at the Board’s meeting in March 2021.)

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