Ventura County (Calif.) Employees' Retirement Association made two new commitments totaling $55 million, a pension fund spokesman said.
The $5.4 billion pension fund committed $30 million to Adams Street Partners Co-Investment IV, a middle-market buyout fund of funds, and $25 million to Monroe Capital Private Credit Fund III, a middle-market direct lending fund.
The pension fund previously committed $60 million to Adams Street Partners' 2016 Global Fund in 2016; its commitment to Monroe Capital is its first.
As of March 31, the pension fund's private equity allocation was 4.9%; the target is 10%.
At its May 21 meeting, VCERA's board created a 3% target to private debt, funded by a reduction in the core fixed-income target to 7% from 10%. The Monroe Capital commitment is VCERA's second private debt commitment; it committed $30 million commitment to CVI Credit Value Fund IV, managed by CarVal Investors, last year.
Investment consultant NEPC assisted.