San Bernardino County (Calif.) Employees Retirement Association will issue an RFP next quarter for at least one distressed debt manager, said Don Pierce, investment officer of the $6.4 billion pension fund. Officials havent yet determined how much each manager would run, Mr. Pierce said. The funds private equity consultant, New England Pension Consultants, will assist.
Separately, the associations board on Monday committed $20 million each to TCW/Crescent Mezzanine Partners V, Lehman Brothers Secondary Opportunities Fund II and Fillmore West Structured Real Estate Fund.
The association board also widened the underlying credit strategies of its fixed-income portfolio to include derivatives and convertible bonds. The fund has 14% of its assets in fixed income.