Fresno County (Calif.) Employees' Retirement Association committed $15 million to Oaktree Opportunities Fund IX, according to an audiocast of the $3 billion system's April 4 board meeting.
The commitment is contingent on the board receiving more information on Oaktree's track record, according to the audiocast.
The Oaktree offering is a distressed debt fund that will invest in senior and secured debt. It's the retirement system's first commitment to Oaktree. The system had a 6.2% allocation to private equity as of Dec. 31; it now has a 36% exposure to debt-related funds within the asset class, according to board materials.
Wurts & Associates assisted.
Separately, the board approved rebalancing 3.3% of its assets, or $103 million, into an existing BlackRock core-plus fixed-income portfolio out of domestic large-cap and international equities. The strong equity performance in recent months caused equity allocations to be overweight compared to the target allocations.
BlackRock managed about $161 million in the portfolio as of Dec. 31; however, the board approved in March shifting about $60 million to the portfolio from the TIPS allocation.
