Searches and Hires

Tulare County, San Luis Obispo County allocate to TPG debt fund

Tulare County Employees' Retirement Association, Visalia, Calif., committed $50 million to TSSP Adjacent Opportunities Contingent Fund, a private credit fund managed by TPG, said David J. Kehler, retirement administrator for the $1.3 billion plan, in an email.

In addition, San Luis Obispo County (Calif.) Pension Trust approved a commitment of $60 million to the fund, confirmed Carl Nelson, executive secretary and chief investment officer, of the $1.4 billion fund.

TPG is forming the fund on a contingent basis with no capital to be called initially to capitalize on opportunities resulting from possible disruption to the credit markets. It can be activated at TPG’s discretion upon market disruption-creating buying opportunities.

Verus, investment consultant to both plans, assisted.

Minutes from the April 11 TCERA board meeting reveal that San Luis Obispo County requested to share the cost of the legal document review. The TCERA board agreed to work with San Luis Obispo County Pension Trust in sharing the legal document review costs.

Tulare County had an allocation of 3.6% to private equity as of Sept. 30. San Luis Obispo County has a 5% allocation to private credit.