Credit

CIO Tom Lopez said the new 14% PE target was "pretty ordinary" for pension systems these days.

Corey Amon, director of the state's $75bn Division of Investment, says staff will hike the PE allocation gradually.

The line between co-investing and secondaries has become increasingly blurred as secondary buyers show more appetite for single-asset deals.

The US's biggest public pension is planning to leverage as much as $80bn of its assets in order to take positions in riskier asset classes.

The system also set its global private equity asset class target to 12 percent.

With the onset of covid-19, AE Industrial has been fielding more inquiries about its structured credit offering, mostly from aviation companies, sources told Buyouts.

The committee recommended redeploying the non-US mandate to Crescent Capital, another manager the system approved for the private credit program.

A massive calling of the credit facilities by banks would lead to GPs calling down huge amounts of capital from LPs, who are already dealing with cratering public equity portfolios. This would be a nightmare scenario.

The pension already has some private debt assets, which will be rolled into the new portfolio when it launches on July 1.

The firm has already been competing for fundraising mandates, sources said.