Iowa pension adds $300m to private credit

The $40 billion Iowa Public Employees’ Retirement System (IPERS) hired two private credit managers in response to the board’s decision in late 2020 to increasing the private credit target allocation from 3% to 8%.

Hired were Arrowmark and HPS Investment Strategies for $100 million each. Officials also announced plans to allocate and additional $100 million to an existing opportunistic private credit separately managed account managed by KKR.

Arrowmark offers specialty finance credit strategies and the ASI Hark will serve as bench manager for potential future funding, dependent on board approval at a later date . . .

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