Santa Barbara County (Calif.) Employees' Retirement System will make two private credit commitments totaling $40 million in 2020, said Lauren Thompson, assistant CEO, in an email.
The $3.3 billion pension fund plans to commit the same amount every year through 2023 to one or two funds to meet its private credit target based on the recommendations of investment consultant RVK, she confirmed. Beginning in 2024, the pension fund will make annual commitments totaling $35 million.
As of Dec. 31, the actual allocation to private credit was 1.11% of the total pension fund.
The target, approved by the board in March 2018, is 3.67%, or 33% of the pension fund's 11% non-core fixed-income target to direct lending funds.
In 2019, SBCERA committed $20 million each to PIMCO Private Income Investment Fund, an evergreen private credit fund managed by Pacific Investment Management Co., and THL Credit Direct Lending Fund IV.
