San Bernardino County (Calif.) Employees' Retirement Association committed $50 million to Clareant Structured Credit Opportunity Fund III, an opportunistic credit fund managed by Alcentra, recently released board meeting minutes said.
The $9.7 billion pension fund's board approved the commitment at its Dec. 7 board meeting. The pension fund originally approved a commitment of $25 million in December 2016 to an unnamed future Alcentra fund as part of its 2017 private equity pacing plan, and at the Dec. 7 meeting approved committing an additional $25 million to CSCOF III.
As of Sept. 30, the pension fund's private equity allocation was 14.1%. The target is 16%.
Adam Sands, pension fund spokesman, could not be immediately reached to provide further information.