Investments
Private credit
Allocation
4.6%
Annual return
8.98%
Exposure
$0.45 B
Benchmark
7.78%
2025 performance
In 2025, private credit generated a return of 8.98%, which was higher than our benchmark return of 7.78%. The return was driven primarily from interest income. Since most of these loans have variable interest rates, the portfolio benefited from higher-than-normal short-term interest rates during the year.
The largest contributor to performance was our co-investment in Antares, the largest mid-market private lender in the US.
Investment approach
Private credit strategies take many different forms for a variety of borrower types and risk levels. These can range from senior secured loans for corporate borrowers, junior and unitrache, real estate mezzanine lending, and asset-based specialty finance that includes lending against contractual revenue streams like royalties.
Capital allocation
Total investments in private credit decreased from $486 million at the end of 2024 to $445 million at the end of 2025. This decrease was mainly due to borrowers paying off or refinancing their loans, which returned capital.
At the end of 2025, private credit made up 4.6% of the total fund while our policy benchmark is 6.0%. In 2026, we plan to continue growing this part of the portfolio methodically as opportunities arise.
Private credit
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Allocation
4.6%
Annual return
8.98%
Exposure
$0.45 B
Benchmark
7.78%
2025 performance
In 2025, private credit generated a return of 8.98%, which was higher than our benchmark return of 7.78%. The return was driven primarily from interest income. Since most of these loans have variable interest rates, the portfolio benefited from higher-than-normal short-term interest rates during the year.
The largest contributor to performance was our co-investment in Antares, the largest mid-market private lender in the US.
Investment approach
Private credit strategies take many different forms for a variety of borrower types and risk levels. These can range from senior secured loans for corporate borrowers, junior and unitrache, real estate mezzanine lending, and asset-based specialty finance that includes lending against contractual revenue streams like royalties.
Capital allocation
Total investments in private credit decreased from $486 million at the end of 2024 to $445 million at the end of 2025. This decrease was mainly due to borrowers paying off or refinancing their loans, which returned capital.
At the end of 2025, private credit made up 4.6% of the total fund while our policy benchmark is 6.0%. In 2026, we plan to continue growing this part of the portfolio methodically as opportunities arise.