Louisiana pension taps two for private credit

The Teachers’ Retirement System of Louisiana continues to build out its alternative investment portfolio with the recent investment in two niche credit strategies. BCP Partners’ BCP Special Opportunities Fund II received a $75 million commitment, while Aberdeen’s Hark Capital received a $50 million commitment for its ASI Hark Capital III fund, according to Lisa Honore, the $21 billion pension fund’s executive liaison officer. Roughly $7.4 billion is allocated to alternative assets and real estate. The fund has an 8% target allocation to private market debt or roughly $1.7 billion. According to the pension fund’s website, the alternative asset program began in 1995 and the investments include buyout, venture capital, mezzanine debt, distressed debt, infrastructure, commodities and farmland investment strategies. BC Partners credit team is headed by Ted Goldthorpe, who joined New York-based BC Partners Credit in 2017 from Apollo Investment Corporation where he was President and CIO. Leveraging deal flow, from BC’s existing private equity business, the credit team invests primarily in developed markets with a focus on North America and Europe, using a wide range of investment structures and techniques on a primary or secondary basis. Hark Capital, meanwhile, was bought out by Aberdeen Standard Investments in 2018. The firm offers non-dilutive loans to the portfolio companies of sponsors in situations that would typically require equity. Recent transactions include an energy company and logistics company, according to Hark’s website. Since 2013, the firm has completed more than 30 investments working with private equity funds, distressed private equity and growth equity/venture capital firms.

Louisiana pension taps two for private credit

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