The £3bn Environment Agency Pension Fund (EAPF) has invested £60m in an alternative credit mandate with Permira Debt Managers.
EAPF, which is part of the Local Government Pension Scheme, has invested in the Permira Credit Solutions III fund after a comprehensive search led by bfinance which began in August.
A note issued by the scheme’s chief investment officer, Mark Mansley, said EAPF had been “impressed by [Permira’s] focus on senior loans with moderate leverage, their track record, and their organisational commitment to responsible investment”.
The mandate is part of EAPF’s 5% strategic allocation to private debt which, Mansley said, provided “an interesting opportunity based on the withdrawal of banks from much corporate lending activity”.
“We are fulfilling this strategic allocation by a small number of investments in private debt vehicles,” he added.
The scheme’s other private debt investments are with the Generation Credit fund and Bluebay UK direct lending fund.
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