According to a study from the Indiana Public Retirement Institution in Indianapolis, the system committed or invested a total of $1.2 billion to 10 money managers who run 11 strategies.
The retirement system’s $40 billion defined benefit plan made the greatest asset-class commitment of $455 million from its $6.1 billion private markets portfolio, all of which went to existing managers.
Francisco Partners received the greatest commitment of $160 million, with $120 million going to Francisco Partners VII and $40 million going to Francisco Partners Agility III. The funds’ portfolio managers will focus on middle-market companies in the United States, Europe, Israel, and other locations, investing in growth and takeover opportunities in the technology industry.
Investment officers contributed $150 million to Apollo Strategic Origination Partnership, an Apollo Global Management direct lending vehicle. The fund will offer loans to key North America- based corporate borrowers.
Veritas Capital Fund VIII, will get $125 million for investments in firms that provide products, services, and solutions to government customers and government- and policy-influenced markets and customers, typically in tech or tech-enabled solutions.
Minerva Partners, a co-investor in a purchase of a US health-care company controlled by existing manager Hellman & Friedman, received $20 million from INPRS, among others.
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