The approval, in aggregate with co-investments, raises the original limit within the alternative credit asset class.
PIMCO Private Income Fund targets performing private credit across hard assets, financial assets, and corporate credit, including through secondaries.
The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
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.
The sovereign wealth fund has reportedly tapped Evercore to assist in trimming its maturing portfolio.
The portfolio sale to a JV between Arrow Global and Fortress Investment Group is expected to generate roughly C$1 billion in net proceeds to the pension.
The National Pension Service of Korea and Townsend Holdings have also increased their ownership in the Australian alternative asset manager.
The firm will offer liquidity solutions to institutional LPs and GPs, with a focus on credit strategies.
Founded in 2002, CRC is a private credit manager that invests in bank capital strategies, mainly SRT transactions, that deliver non-dilutive capital solutions to European banks.
The disposal to a consortium of other UK schemes was facilitated by online LP-led platform MeltX and received legal support from Willkie Farr & Gallagher and Hogan Lovells.
