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INPRS approves $402m in commitments

The US public pension has backed Intermediate Capital Group, Accel-KKR and Veritas Capital in its latest round of PE commitments.

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Institution: Indiana Public Retirement System
Headquarters: Indianapolis, United States
AUM: $37.03n
Allocation to alternatives: 19.0%
Bitesize: $50-100m

Indiana Public Retirement System has approved $402 million in private equity commitments, a contact at the pension informed Private Equity International. The commitments comprise of $100 million to Veritas Capital Fund VII, $2 million to Accel-KKR Capital Partners CV III and $300 million to two Intermediate Capital Group-managed separate accounts. Each separate account is debt-focused, with one targeting senior loans and the other targeting revolving credit facilities.

INPRS’ commitment to Accel-KKR Capital Partners CV III was also accompanied by the pension’s $7.5 million interest in Accel-KKR Capital Partners III which was rolled to the manager’s newest vehicle.

The $37.03 billion US public pension has a 10.0 percent target allocation to private equity that stands at 11.80 percent.

As illustrated below, INPRS has committed to six private equity vehicles with a 2019 vintage, which combined constitute $507.5 million.

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