Fresno County (Calif.) Employees’ Retirement Association is searching for a private equity/private credit separate account manager, said Donald Kendig, retirement administrator.
The selected firm will provide sourcing, accounting and legal work for the $4 billion pension fund’s private equity and private credit allocations, currently at 2.6% and 1.7%, respectively, of the overall pension fund portfolio compared to their targets of 6% and 8%. It is expected that the selected firm will have discretion to make investments within board policy, Mr. Kendig said.
Investment consultant Verus Advisory is assisting. Interested firms can contact Verus for more information. A hiring date has not been set.
Also in private equity, the pension fund committed an additional $30 million to Hamilton Lane Private Equity Fund IX, a fund of funds, bringing the total commitment size to $100 million.
Separately, the pension fund is looking at hiring Parametric Portfolio Associates to manage a notional exposure of between $80 million and $160 million, or roughly 2% to 4% of the overall pension fund portfolio, in a cash overlay, pending negotiations and final approvals. The pension fund does not currently have a cash overlay manager. An earlier program with State Street Global Advisors was discontinued several years ago.
Also, the retirement association hired Alliance Resource Consulting to assist with its search for a new assistant retirement administrator to replace Becky Van Wyk, who is retiring Sept. 30. Interested candidates can reach out to Cindy Krebs, regional director at Alliance Resource Consulting, at [email protected] for more information. The expected start date is Oct. 3.
