August 18, 2023
Direct Lending, Opportunistic, and Distressed / Special Situations Fund Manager Search
On April 3, 2023, IMRF requested proposals from direct lending, opportunistic, and distressed/special situations private credit funds. Responses were due no later than May 1, 2023. The Quiet Period for this process is the period of time beginning when the RFP was issued and ends when a selection has been made by the IMRF Board of Trustees or the process is declared to be complete. The Quiet Period for this search ended on December 15, 2023.
After evaluating the responding firms/strategies on organization, team, strategy, process, market, performance, terms and other considerations, the IMRF Board of Trustees approved the following:
- Authorize the following commitments, subject to satisfactory legal due diligence:
- Up to $100 million to AG Direct Lending Evergreen Fund, L.P.
- Up to €50 million to Alchemy Special Opportunities Fund V, L.P.
- Up to $50 million to Ashgrove Specialty Lending Fund II SCSp.
- Up to $100 million to Atalaya A4, L.P.
- Up to $50 million to Capital Spring Senior Income Fund II, L.P.
- Up to $100 million to Comvest Credit Partners VII, L.P.
- Up to $75 million to Crayhill Principal Strategies Fund III, L.P.
- Up to $125 million to Jefferies Direct Lending SMA.
- Up to $75 million to MC Credit Fund IV, L.P.
- Up to $50 million to MGG Structured Solutions Fund II, L.P.
- Up to $50 million to Pemberton Strategic Credit Fund III SCSp.
- Up to $50 million to PennantPark Credit Opportunities Fund IV, L.P.
- Up to $75 million to Strategic Value Capital Solutions Fund II, L.P.