Sergio Padilla
The partnership, which began in 2022, is one of many tie-ups between the two firms.
The Fresno-based pension fund maintains its 8% target allocation to private debt, sees reasonable IRR from those funds.
The firm's Q3 report shows private equity growth has been muted compared with other units of the business
Management fees and total inflows in Q3 were buoyed by growth in the credit unit.
Credit accounted for more than 80% of the manager’s deployment in the latest quarter.
While enthusiasm grows as lower interest rates hint at a revival of dealmaking, the future for defaults and interest coverage ratios remains mixed.
Limited partners are playing it safe as the most secure part of the capital structure claims a greater share of fundraising.
The funds build off the two firms’ partnership, which was announced in May.
Manager more than doubles target for the fund, a hybrid between a draw-down and an evergreen fund.
Payment-in-kind income as percentage of BDC interest and dividend has risen since 2021.