Santa Barbara County (Calif.) Employees' Retirement System committed $20 million to THL Credit Direct Lending Fund IV, said Lauren E. Thompson, assistant CEO, in an email.
It is the $3 billion pension fund's second direct lending commitment since the board in March 2018 approved allocating 33% of the pension fund's 11% non-core fixed-income target to direct lending funds.
SBCERS committed $25 million to direct lending fund AG DLI III, managed by Angelo, Gordon & Co., in August.
As of Jan. 31, the actual allocation to non-core fixed income was 9%.
Investment consultant RVK assisted.