Orange County Employees Retirement System, Santa Ana, Calif., invested $50 million in hedge fund manager Park Square Capital's European direct lending fund Park Square Credit Opportunities Fund III, and provisionally committed $50 million to Cross Ocean Partners for a European direct lending portfolio, said Robert Kinsler, spokesman for the $12.6 billion pension fund, in an e-mail.
The commitment to Cross Ocean depends on whether OCERS officials and Cross Ocean executives can negotiate more satisfactory fees. The investment committee at its Nov. 12 meeting also directed Girard Miller, OCERS chief investment officer, to continue negotiating fees with hedge fund manager Alcentra for consideration for a European direct lending portfolio at a future investment committee meeting.
OCERS has made diversified credit investments with Park Square and Cross Ocean in the past. Alcentra would be a new relationship. The investments are being made following an RFP issued in August. OCERS consultant NEPC assisted.