The externally managed co-investment fund program will fall under the pension's Active Credit asset class.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
Repurchase requests in the $4.3 billion private debt fund have now fallen for two consecutive quarters, more than halving from 8.5% in Q1 to 3.8% in Q3.
The equity commitments were raised across an evergreen fund, a closed-end venture debt fund, and a rated note offering.
The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
We examine the Q2 capital flows, investment activity, and performance of the secondaries-focused interval fund, leveraging EvergreenLink Data.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
The LP is also weighing the rollover of prior TAO commitments into the latest evergreen vintage, which is targeting $5-7 billion over an 18-month fundraising period.
The pension is also considering allocating to a similar evergreen credit strategy by Pemberton, in addition to a commitment to Cambridge Associates' sequel secondaries fund.
