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Frederick County retirement committees pick TPG as preferred anchor in private credit review, vote to invite three firms
Summary
A joint meeting of Frederick County retirement-plan committees concluded that TPG best fits as an anchor manager for a proposed private credit allocation and unanimously approved inviting TPG, Carlyle, and Audax to present at the April meeting.
The joint Retirement Plan Committees for the Frederick County Employees and Uniformed Employees plans recommended TPG Angelo Gordon as the preferred anchor manager for a potential private credit allocation and voted unanimously to invite TPG, Carlyle Group and Audax Group to present their Evergreen direct-lending funds at the committees' April meeting. Erin White, Finance Division Director, moved the recommendation; Tyler Muntz seconded and the motion passed unanimously.
Committee members and consultants from Marquette Associates framed the search as part of a strategic effort to reduce the Plans' concentrated exposure to U.S. equities by adding income-oriented private credit strategies that can act as partial "equity substitutes." Patrick Wing and consultant Chad Sheaffer presented five candidate managers — TPG Twin Brook, Carlyle Direct Lending (levered), Audax Senior Loan, Churchill Middle Market Senior Loan Fund V (Nuveen Churchill), and Bain Global Direct Lending — comparing underwriting approaches, fee structures, leverage and liquidity profiles, and platform sourcing advantages.
The Committee concluded that TPG's lower-middle-market focus and structural protections made it the preferred anchor. Carlyle and Audax were identified as the strongest complementary options for differing reasons: Carlyle for its no-incentive-fee model and Audax for day-one deployment capacity and stronger liquidity. Churchill and Bain were described as capable platforms but were not advanced to the next-step invitations.
Marquette also noted that an Insurance Coverage—Private Credit supplement (dated March 2026) had been provided for all candidate managers to meet the Committee's prior request for insurance information in manager search materials.
The Committee directed Marquette to invite the three named managers for in-depth April presentations to allow further due diligence before any commitment decision. The next Committee meeting is scheduled for April 8, 2026, at Winchester Hall.
