Andrew Hedlund
The Hawkeye State retirement plan is awarding two contracts that will each be predominantly focused on US opportunities.
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UC Regents and Goldman Sachs BDC started a similar joint venture in 2014.
The retirement plan lends directly to businesses and invests in third-party managers.
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Market conditions could be ripe for a string of IPOs from these types of US mid-market lender.
The hire comes after Northleaf Capital acquired a minority stake in Antares in November, which will help the latter access third-party capital from Canadian investors.
Management fees have fallen recently for funds focused on US senior debt, according to a recent study from London-based advisory firm bfinance.
The firm is targeting double-digit returns for the vehicle, which is focused on senior debt.
The fundraise comes as the firm is expected to launch a separate $10bn real estate private equity fund soon.
The company made what are three of its largest commitments to date.
The Chicago-based mid-market lender closed its latest fund last fall.