US public pension funds are allocating less capital to private credit investments amid concern about looser underwriting standards and rising credit risks.
An FT analysis of public records shows 70 major US public pension funds reported an 18 per cent decline in allocation to private credit in the first six months of this year from a year earlier. Public pensions have been a key source of capital for the sector, which saw an overall 40% drop in North American fundraising in the first half of the year, according to financial data provider Preqin.
State and city pension plans told the Financial Times they have tightened scrutiny of new private credit managers and paused allocations since the start of the year.
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