Credit/Private Debt
The fund provides private financings for businesses across industries.
Plan is looking to fill a new $700 million allocation to global credit and conduct due diligence on its passive investment managers.
He will lead a new effort in sourcing and managing privately placed investment-grade credit investments.
Old Hill’s asset-based lending business will be incorporated into a new Spouting Rock subsidiary.
The firm has also hired a new private credit head and senior private credit analyst to oversee the group.
The plan is swapping domestic small- to mid-cap value equity managers this month and will have further discussions on direct lending at its February board meeting.
Iron Park manages $3 billion in assets across public and private credit.
He will be responsible for leading capital markets and syndication efforts across the Audax Private Debt platform.
The plan made commitments totaling roughly $245.5 million with four existing managers and one new manager in November.
The plan will hear presentations from existing managers’ new fund offerings.