Imperial County Employees’ Retirement System, El Centro, Calif., hired Portfolio Advisors to run a $45 million private credit portfolio, said Scott Jarvis, accountant/auditor.
The $714 million pension fund conducted an invitation-only search following the creation of a 5% private credit target in August and elimination of the 5% target to commodities.
Portfolio Advisors will run a “fund of one” customized separate account, a portion of which will be invested in the Portfolio Advisors Opportunistic Credit Fund, an open-end private credit fund. The remainder will be invested in a “diversified pool of underlying funds,” according to a presentation from Verus Advisory, which assisted with the search.
Separately, Michael A. Hermanson resigned as the pension fund’s retirement administrator, Mr. Jarvis said. Mr. Hermanson joined the pension fund in October 2015, replacing David Prince, who had retired in July 2015.
Mr. Jarvis had no further information. Regina Rodrigues, assistant retirement administrator who had served as interim administrator following Mr. Prince’s retirement, was not available by press time.