Our guest for today’s podcast is Eunice McHugh, Director of Private Credit at San Francisco Employees’ Retirement System (“SFERS”).  Eunice is responsible for the buildout and management of the Private Credit portfolio, which has a 10% target allocation for the fund.  Eunice has led SFERS' Private Credit efforts (initially as part of the Fixed Income portfolio) since she joined SFERS in early 2013.  Under Eunice’s leadership, the Private Credit portfolio has delivered an annual return of 11% over the past decade, surpassing its benchmark by over 500 bps.    SFERS’ Private Credit portfolio is comprised of multiple alternative credit and credit-related strategies. These include investments in direct lending, mezzanine, credit opportunities, specialty finance including asset-based lending/structured credit and real assets-related credit, real estate debt, distressed/special situations, and other opportunistic strategies. In addition, SFERS’ Private Credit program is a global portfolio with investments across the U.S., Europe, Asia, Latin America, and other emerging markets. Eunice is responsible for portfolio construction and leads investment research, due diligence, and manager selection across all these opportunities. Joining me on the podcast as co-host is Sylvia Owens who is a Partner at Kennedy Lewis Investment Management, an opportunistic credit manager focusing on event-driven situations in which a catalyst may unlock investment value. So what does it take to lead one of the top Private Credit portfolios in the business?  Well, Eunice was gracious enough to spend the time with us to share her story.  Without further ado, please enjoy our interview with Eunice McHugh.