Santa Barbara County (Calif.) Employees' Retirement System committed $20 million to PIMCO Private Income Investment Fund, an evergreen private credit fund managed by Pacific Investment Management Co., said Lauren E. Thompson, assistant CEO, in an email.
It is the $3 billion pension fund's third private credit commitment since the board in March 2018 approved allocating 33% of the 11% non-core fixed-income target to private credit funds. As of March 31, the actual allocation to non-core fixed income was 8.9%.
The pension fund's prior private credit commitments were $25 million AG DLI III, managed by Angelo, Gordon in August and $20 million to THL Credit Direct Lending Fund IV in February.
Investment consultant RVK assisted.