The London Pension Fund Authority (LPFA) has launched a national framework via which council pension funds can choose alternative credit managers.
The framework will allow other funds in the Local Government Pension Scheme (LGPS) to select managers without completing full tendering processes.
It includes Apollo Capital Management, Ares Management, Babson Capital and GSO Capital, which were selected for the framework via a tendering process involving a shortlist of 25 managers.
It will remain operational until February 2019.
The LPFA selected Apollo Capital Management via the framework to oversee its £150m allocation to alternative credit, which includes distressed debt, real estate debt, leveraged loans and private lending.
The move comes after the launch of several frameworks over the past few years which aim to save the scheme money in procurement costs.
National LGPS Frameworks, a collaboration between funds led by the Norfolk Pension Fund, launched its fourth framework earlier this year, in this case for legal services.