San Luis Obispo County slates $140 million for private credit, private equity

San Luis Obispo County (Calif.) Pension Trust committed $140 million total to two managers, said Carl Nelson, executive secretary and chief investment officer.

In private credit, the $1.1 billion pension fund committed $75 million to TPG’s Diversified Credit Program, a fund of one.

In private equity, the pension fund committed $65 million to Pathway Private Equity Fund IX, a fund of funds managed by Pathway Capital Management.

Both are new relationships.

The pension fund has private equity and private credit target allocations of 5% each.

Separately, the San Luis Obispo County Deferred Compensation Plan hired Nationwide Retirement Solutions as provider, said Mr. Nelson, the plan’s deputy administrator.

Nationwide replaces Empower Retirement, which served as the plan’s provider for more than 10 years.

An RFP was issued in June to “test the market for alternative providers,” and Empower did rebid, Mr. Nelson said.

The 457 plan has about $150 million in assets.