San Joaquin County Employees' Retirement Association, Stockton, Calif., committed $50 million each to direct lending funds Crestline Opportunity Fund III, managed by Crestline Investors, and White Oak Summit Fund, managed by White Oak Global Advisors, pending successful contract negotiations and legal review, recently released board meeting minutes show.
The pension fund previously committed $45 million to predecessor fund Crestline Opportunity Fund II in 2013.
Separately, the $2.5 billion pension fund is redeeming its investment in Pacific Investment Management Co.'s All Asset All Authority. A reason for the redemption was not disclosed. Funds will temporarily be transferred to existing risk-parity manager Bridgewater Associates, according to the minutes. As of Sept. 30, the pension fund had $72.4 million invested in the Bridgewater strategy and $78.4 million in the PIMCO strategy, according to its website.
CEO Annette St. Urbain was not immediately available for additional information.