Ventura County (Calif.) Employees' Retirement Association committed $30 million to CVI Credit Value Fund V.
The $6.9 billion pension fund's board approved the commitment to the private credit fund managed by CarVal Investors at its meeting Monday, CIO Dan Gallagher said in an email.
VCERA previously committed $30 million to CVI Credit Value Fund IV in 2017.
As of Feb. 28, the pension fund's actual allocation to private debt was 2.3%; the target is 3%.
Investment consultant NEPC assisted.