Investors

The multi-asset CV was among several billion-plus GP-led processes that hit the market last year as firms sought to generate distributions for LPs.

The pension fund allocated to SMAs and co-investments in distressed and senior direct lending.

The UK pension plans to deploy around £5bn by 2030, investing in infrastructure, debt and private equity, through IFM.

Apollo’s results announcement this week gave hints of further definitional challenges as private debt expands into new areas.

With funds in market today targeting over half a trillion dollars, the coming years could see a new record for fundraising.

Pension raises target from 1%, and prioritises senior direct lending, with ventures into real assets and structured credit.

More than half of investors are keen to ramp up their private debt allocations, according to our 2025 LP Perspectives study. But there are concerns around hidden risk and competition for deals.

There have been cases when continuation funds have been ‘misused and overused’, according to Teia Merring, senior investment director at USS and chair of ILPA.

Public safety pension’s investment heads articulate potential benefits for LPs in healthy private credit allocation in what they expect to be a turbulent 2025

LP’s recent foray into private credit posted strong returns in 2024, and GPs expect more to come in favourable environment.