Stanislaus County Employees' Retirement Association, Modesto, Calif., committed a total of $110 million to its first direct-lending managers, said Rick Santos, executive director.
The $1.5 billion pension fund committed $40 million each Raven Asset-Based Opportunity Fund I and White Oak Pinnacle Fund, managed by Raven Capital Management and White Oak Global Advisors, respectively. It also committed $30 million to Medley Opportunity Fund II, managed by Medley Capital.
The commitments are tentative right now as the pension fund negotiates fees and side letters with the three managers, Mr. Santos said in a telephone interview.
Investment consultant Strategic Investment Solutions assisted. The pension added a 7.5% allocation to alternatives in November following an asset allocation study.