South Carolina Commits $250M to Alts

According to meeting materials from the March 7th meeting, the South Carolina Retirement System has approved five investments to private equity and private credit, totaling $250 million. 

$40 million was allocated to Rubicon Fund II, a buyout strategy. The investment closed on February 9.

$50 million was allocated to Horsley Bridge Venture 15, an early-stage venture capital strategy. The investment closed on February 12.

On February 29, two private equity investments in Spark Capital closed. $20 million was allocated to Spark Capital VIII and $40 million was allocated to Spark Capital Growth Fund V. 

Lastly, in private credit, $100 million was allocated to KKR Asset Based Finance Partners II. The investment closed on February 27. 

As of December 31, 2024, the $42.5 billion Pension Fund allocates 13% to private equity with a policy target of 9%. In private credit, the Fund has a current and policy target allocation of 9% and 7% respectively. 

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