Ventura County (Calif.) Employees' Retirement Association committed $30 million to CVI Credit Value Fund IV, recent board meeting minutes show.
The private debt fund is managed by CarVal Investors; the commitment was made last month.
Excluding the CarVal commitment, the pension fund has committed $85 million to private equity so far this year and anticipates committing roughly $150 million total by year-end. Of the $85 million already committed, $30 million was directly committed by the pension fund to HarbourVest Partners Co-Investment Fund IV at the recommendation of general consultant NEPC, said Daniel Gallagher, chief investment officer. Abbott Capital Management, the pension fund's private equity consultant and discretionary separate account manager, committed the remaining funds — $30 million and $25 million, respectively — to GTCR Fund XII and an Insight Venture Partners X.
As of June 30, the $5.3 billion pension fund had a 10% target to private equity and 4.2% allocation.