Iowa pension adds four private credit managers, plots new debt search
The $34 billion Iowa Public Employees’ Retirement System (IPERS) in Des Moines approved the hiring of Crestline Investors, Marathon Asset Management, Ares Management and Audax for its growing private credit portfolio.
Crestline and Marathon were approved to $250 million each in multi-strategy private credit portfolios. The multi-strategy designation allows managers to deploy capital on an opportunistic basis and across sectors. Ares and Audax were approved to manage $100 million each in mezzanine lending portfolios focused on investments poised to be in favor as a new credit cycle begins following the COVID-19 dislocation. Ares will . . .
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