003 · Benchmarks · by asset class
Private Credit / Debt.
62 distinct benchmarks from 14 index providers, named across 67 plans. Benchmarks are grouped by who publishes them; each table lists the plans that use the benchmark, the label they give the sleeve, and their document.
Morningstar (14) · Bloomberg (12) · S&P (10) · Credit Suisse (9) · ICE BofA (6) · MSCI (5) · Cambridge Associates (4) · Custom blend (2) · Own portfolio return (2) · Burgiss (1) · Cash rate (1) · JPMorgan (1) · Not stated (1) · Unclassified (1)
Morningstar
13 benchmarks · 14 plans
Morningstar LSTA US Leveraged Loan
2 plans
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Fairfax County Schools | Private Debt | Our copy | Plan's site |
| MainePERS | Alternative Credit | Our copy | Plan's site |
LSTA Leveraged Loans + 2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Austin ERS | Private Credit | Our copy | Plan's site |
Morningstar LSTA Leveraged Loan 100 + 2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Louisiana Teachers | Direct Lending | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan (Plus 3%)
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| New York State Teachers | Private Debt | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan (SPBDAL) + 1.5% annually
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Texas ERS | Private Credit | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan 100 + 1.25%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| California PERF | Private Debt | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan 100 + 3% annually
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Oklahoma Teachers | Private Debt | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan USD
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Texas County & District | Direct Lending | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan plus 1%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Los Angeles Fire and Police | Private Credit | Our copy | Plan's site |
Morningstar LSTA US Leveraged Loan plus 150 basis points
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| West Virginia Investment Management Board | Private Credit & Income | Our copy | Plan's site |
Morningstar Loan Syndications and Trading Association (LSTA) US Leveraged Loan + 1% (LSTA LL)
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Missouri State Employees | Private Credit | Our copy | Plan's site |
Quarterly (4 qtrs.) smoothed Morningstar LSTA US Leveraged Loan (one quarter in arrears)
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Ohio School Employees | Global Private Credit | Our copy | Plan's site |
Bloomberg
12 benchmarks · 12 plans
50% BB Barclays Global AGG / 50% BB Global High Yield
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Louisiana SERS | Global Opportunistic Credit | Our copy | Plan's site |
50% Bloomberg Barclays US High Yield/50% CS Lev Loans
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Pennsylvania Municipal | Opportunistic Credit | Our copy | Plan's site |
50% Bloomberg US HY / 50% Credit Suisse Leveraged Loans + 1%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Dallas Police and Fire | Private Credit | Our copy | Plan's site |
50% Bloomberg US High Yield/ 50% Morningstar LSTA US Leveraged Loan
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Kentucky Public Pensions Authority | Specialty Credit | Our copy | Plan's site |
50% Morningstar Leverage Loans, 50% Bloomberg High Yield Corp, + 1%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Mississippi PERS | Private Credit | Our copy | — |
50% S&P UBS Leveraged Loan / 50% Bloomberg US High Yield
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Wyoming Public Employees | Opportunistic Credit | Our copy | Plan's site |
50% S&P/LSTA US Leveraged Loan 100 and 50% Bloomberg High Yield + 1.0%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| New Hampshire RS | Private Credit | Our copy | Plan's site |
50/50 Bloomberg US High Yield / Morningstar LTSA Leveraged Loan Indices
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Illinois Teachers | Private Credit | Our copy | Plan's site |
70% ACWI IMI / 30% Bloomberg US Intermediate Aggregate Balanced Benchmark
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| San Diego County ERA | Private Debt | Our copy | Plan's site |
Bloomberg High Yield + 2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Miami Fire and Police | Private Debt | Our copy | Plan's site |
Bloomberg US High Yield
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| District of Columbia Retirement Board | Private Credit | Our copy | Plan's site |
[50% Morningstar LSTA 100/50% Bloomberg High Yield] +1%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Chicago Fire | Private Credit | Our copy | Plan's site |
S&P
7 benchmarks · 10 plans
S&P UBS Leveraged Loan
3 plans
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Milwaukee County ERS | Private Debt | Our copy | Plan's site |
| Ohio PERS | Private Credit | Our copy | Plan's site |
| Pennsylvania Municipal | Private Credit | Our copy | Plan's site |
S&P UBS Leveraged Loan + 2%
2 plans
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Los Angeles ERS | Private Credit | Our copy | Plan's site |
| San Diego City ERS | Private Debt | Our copy | Plan's site |
50% ICE/BofA Global HY Constrained +50% S&P LSTA Global Leveraged Loan + 1% Hedged
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Illinois Universities | Private Credit | Our copy | Plan's site |
75% S&P UBS Leveraged Loan + 25% ICE BofA BB-B US High Yield Constrained Fossil Free + 1.5%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| University of California | Private Credit | Our copy | Plan's site |
S&P / LSTA Leveraged Loan + 1.5%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Connecticut Retirement Plans and Trust Funds | Private Credit | Our copy | Plan's site |
S&P LSTA + 1.5%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| South Carolina Retirement System Investment Commission | Private Debt | Our copy | Plan's site |
S&P/Long Syndications and Trading Association US Leveraged Loan 100
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Alameda County ERS | Private Credit | Our copy | Plan's site |
Credit Suisse
7 benchmarks · 9 plans
CS Leveraged Loan
3 plans
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Boston RS | Private Debt | Our copy | — |
| Chicago Laborers | Private Debt | Our copy | Plan's site |
| Chicago Police | Private Debt | Our copy | Plan's site |
CS Leveraged Loan + 2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Sacramento County ERS | Private Credit | Our copy | Plan's site |
CS Leveraged Loan + 2% (Spliced)
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Vermont Pension Investment Commission | Private Credit | Our copy | Plan's site |
CS Levered Loan +2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Phoenix ERS | Private Debt | Our copy | Plan's site |
CSFB Leveraged Loan
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Houston Municipal | Private Credit | Our copy | Plan's site |
Credit Suisse Leveraged Loan plus 200 basis points
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Los Angeles Water and Power | Private Credit | Our copy | Plan's site |
Custom : 50% Barclay's High Yield 2% Issuer Capped + 50% Credit Suisse Leveraged Loan
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Tennessee Consolidated Retirement System | Strategic Lending | Our copy | Plan's site |
ICE BofA
5 benchmarks · 6 plans
ICE BofA High Yield Master II
2 plans
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Missouri PSRS/PEERS | Private Credit Program | Our copy | Plan's site |
| Nashville-Davidson ERS | Private Debt | Our copy | Plan's site |
50% CS Leveraged Loan / 50%ICE BofA ML US HY BB-B Rated Constrained
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Chicago Police | Opportunistic Credit | Our copy | Plan's site |
50% Credit Suisse Leveraged Loan / 50% BofA ML US High Yield BB-B Constrained + 1.5%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| San Francisco City & County ERS | Private Credit | Our copy | Plan's site |
50% ICE BofA US High Yield BB-B (2% constrained) / 50% CSFB Leveraged Loan
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| New Mexico Educational | Opportunistic Credit | Our copy | Plan's site |
ICE BofA US High Yield + 2%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Louisiana Teachers | Distressed Debt | Our copy | Plan's site |
MSCI
5 benchmarks · 5 plans
MSCI Global Credit
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Louisiana Firefighters | Private Debt | Our copy | Plan's site |
MSCI Global Private Credit
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Cincinnati ERS | Private Debt | Our copy | Plan's site |
MSCI Global Private Credit Closed End Fund Frozen
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Houston Firefighters | Private Debt | Our copy | Plan's site |
MSCI Global Private Credit Closed-End Fund (Frozen; USD), one
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Pennsylvania School Employees | Private Credit | Our copy | Plan's site |
MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarter
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Minnesota State Board of Investment | Private Credit | Our copy | Plan's site |
Cambridge Associates
4 benchmarks · 4 plans
Cambridge Distressed Securities
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Texas County & District | Distressed Debt | Our copy | Plan's site |
Cambridge Private Credit
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Ohio Teachers | Private Credit | Our copy | Plan's site |
Cambridge Private Debt
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Wyoming Public Employees | Private Debt | Our copy | Plan's site |
Cambridge Senior Debt
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Employees' Retirement System of Rhode Island | Private Credit | Our copy | Plan's site |
Custom blend
2 benchmarks · 2 plans
50% US High Yield / 50% Leveraged Loan
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Cincinnati ERS | Opportunistic Credit | Our copy | Plan's site |
50% US Leveraged Loans | 50% US High Yield
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Louisiana Schools | Opportunistic Credit | Our copy | Plan's site |
Own portfolio return
2 benchmarks · 2 plans
Actual time-weighted Private Credit returns
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Kern County ERS | Private Credit | Our copy | Plan's site |
Portfolio (actual returns)
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Iowa PERS | Private Credit | Our copy | Plan's site |
Burgiss
1 benchmark · 1 plan
Burgiss Global Private Debt
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Chicago Municipal | Private Debt | Our copy | Plan's site |
Cash rate
1 benchmark · 1 plan
Secured Overnight Financing Rate (SOFR) plus 400 basis points
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| West Virginia Investment Management Board | Private Credit & Income (Secondary) | Our copy | Plan's site |
JPMorgan
1 benchmark · 1 plan
50% JP Morgan High Yield and 50% Morningstar LSTA Loan + 1%
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Chicago Teachers | Private Credit | Our copy | Plan's site |
Not stated
1 benchmark · 1 plan
See Private Credit Investment Policy
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Ohio Police & Fire | Private Credit | Our copy | Plan's site |
Unclassified
1 benchmark · 1 plan
Appropriate alternative investment indices
1 plan
| Plan | Labelled as | IPS | Source |
|---|---|---|---|
| Jacksonville Police and Fire | Private Credit | Our copy | Plan's site |