Key Takeaways
- • Virginia Retirement System has committed $300m (€267m) to Castlelake's Asset-Based Private Credit IV fund, per a board meeting document outlining its recent commitments.
- • The commitment is being made through the system's credit strategies programme, with an expected three-year funding period.
- • Castlelake is in the early stages of raising Credit IV, and no target fund size has been disclosed.
- • The predecessor, Castlelake Asset-Based Private Credit III, closed in August of the prior year with total commitments of $2.23bn.
Summary
The Virginia Retirement System has committed $300m (€267m) to Castlelake's Asset-Based Private Credit IV fund, according to a board meeting document outlining the pension's recent commitments, as reported by IPE Real Assets. The capital is being deployed through the system's credit strategies programme, and the pension expects the investment to have a three-year funding period.
Castlelake is in the early stages of capital raising for Credit IV, and the manager has not disclosed a target fund size. The commitment therefore represents an early anchor allocation to a fund that has yet to reach its final close.
The new vehicle follows Castlelake Asset-Based Private Credit III, which closed in August of the prior year with total commitments of $2.23bn. The Credit IV fund will invest across multiple asset classes, including commercial and residential real estate mortgages and aviation credit transactions, reflecting the manager's asset-based approach to private credit.
Castlelake is in the early stages of capital raising for Credit IV, and the manager has not disclosed a target fund size. The commitment therefore represents an early anchor allocation to a fund that has yet to reach its final close.
The new vehicle follows Castlelake Asset-Based Private Credit III, which closed in August of the prior year with total commitments of $2.23bn. The Credit IV fund will invest across multiple asset classes, including commercial and residential real estate mortgages and aviation credit transactions, reflecting the manager's asset-based approach to private credit.
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