San Bernardino County (Calif.) Employees Retirement Association 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 board of the $6.4 billion system 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.
The board also authorized a search for distressed debt managers, said Don Pierce, investment officer. Officials haven’t yet determined how much each manager would run. The fund’s private equity consultant, New England Pension Consultants, will assist.
