Pension Insurance Corporation (PIC) is entering the US private placement market through a $60 million mandate awarded to Macquarie Asset Management. The UK-based defined benefit pension insurer said the move will allow it to invest across new geographies, sectors, and in new issuers, diversifying its portfolio, and offer better risk-adjusted returns. 

The specialist insurer said it had been investing in long-term privately-sourced debt since 2012, where the majority of funds were invested in the UK and a smaller amount in Europe.

PIC’s head of debt origination, Allen Twyning, said: “We have worked together to put in place a clear mandate that helps fulfil PIC’s key objective, which is to provide security for our policyholders through sensible sustainable investment into sectors that make sense on a long-term basis for society.”