Vermont pension commits $50M to Hayfin's Tactical Solutions Evergreen Fund
What's the deal? The $8.2 billion Vermont Pension Investment Commission committed $145 million across three private markets funds spanning private credit and secondaries, with each commitment winning unanimous trustee approval and consultant RVKDealroom has a profile for this one. Try Dealroom → advising officials.
Hayfin's share: London-based Hayfin Capital ManagementDealroom has a profile for this one. Try Dealroom → landed $50 million for its Tactical Solutions Evergreen Fund, which is targeting $2.5 billion. The fund provides financing across primary lending, secondary credit, opportunistic credit, real assets and structured credit for sponsored and non-sponsored borrowers in Western Europe and North America.
Where else the money went: Pemberton Asset ManagementDealroom has a profile for this one. Try Dealroom → received $75 million for its Mid-Market Debt Evergreen Fund, which lends to middle-market companies across Western Europe and the UK and targets a 13%-15% return with 1.0x leverage. The Cambridge AssociatesDealroom has a profile for this one. Try Dealroom → Secondaries Aggregation Vehicle II drew $20 million.
Why now? Vermont is working to bring its credit and private equity programs up to their asset allocation targets, moving the portfolio from 10% toward its 11% credit target. For the year ended June 30, the pension system returned over 14.1%, with private equity gaining 8.9% and private debt returning 6.7% over the same period.
What's next? Trustees will review proposed infrastructure investments at their next meeting, including $50 million to Copenhagen Infrastructure PartnersDealroom has a profile for this one. Try Dealroom →' Fund VI and up to €50 million ($57 million) to Igneo Infrastructure PartnersDealroom has a profile for this one. Try Dealroom →' European Diversified Infrastructure Fund IV.
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