The board of the $3.8 billion San Mateo County Employees' Retirement Association, Redwood City Calif., approved an $80 million investment in PIMCO Diversified Income strategy and a $20 million commitment to Quantum Energy Partners VII, shows a news release posted on the pension fund's website.
The actions took place at the board's July 25 meeting. The Pacific Investment Management Co. fund is considered an opportunistic credit strategy within the plans $700 million fixed-income asset class, while the energy fund is a natural resources commitment.
In a July 25 memo, Michael Coultrip, the retirement system's chief investment officer, said staff and the system's consultant, Verus, rated the PIMCO strategy their top choice following a search.
He said the multisector credit strategy will invest where the best opportunities are in credit, instead of allocating to a multitude of single-sector funds including investment-grade corporates, high-yield bonds, bank loans and emerging markets, "using an opportunistic, top-down approach to sector allocation complemented by a bottom-up approach to security selection."
Mr. Coultrip could not be immediately reached for additional information.