Indiana commits to separate accounts with Oaktree, Oak Hill

Indiana’s $250 million Oak Hill account will invest in credit-focused managers across multiple sectors, including high yield bonds, bank loans and securitized products, among others, according to an investment report provided by Dunlap. The $100 million account with Oaktree has a similar strategy.

Indiana formed the accounts through its allocation to fixed income. Both firms specialize in a variety of long and short term credit strategies.

In addition to its commitments to Oak Hill and Oaktree, Indiana also co-invested between $15 million and $25 million in Brentwood Associates’ acquisition of Excelligence Learning Corp., a Monterey, California-based educational products distributor. 

Brentwood acquired Excelligence in January. It was the firm’s fifth deal through Brentwood Associates Private Equity V, a $688 million vehicle that closed in December. Indiana is a limited partner in Fund V, Dunlap said.

Terms of that deal were not disclosed. A Brentwood spokesperson did not respond to a request for comment.

Indiana previously co-invested alongside Brentwood in Marshall Retail Group, Dunlap said. That company operates specialty retail shops in casino-resorts and airports.

Indiana’s $3.2 billion private equity portfolio had generated an 11.73 percent internal rate of return as of Sept. 30, according to the report.