Fresno (Calif.) City Retirement Systems approved a private credit pacing plan for the next six fiscal years, confirmed Robert Theller, retirement administrator.
The plan was approved by the joint boards at a meeting Jan. 23.
Under the pacing plan, the pension fund seeks to commit up to $70 million to private credit for the fiscal year ending June 30, 2024, $75 million in fiscal year 2025, $80 million in fiscal 2026, $85 million in fiscal 2027, $90 million in fiscal 2028 and $95 million in fiscal 2029.
The $3.8 billion pension fund currently has an actual allocation of 13.4% to private debt allocation; its target is 14%.
Under the pacing plan, the 14% target allocation to private debt will be maintained.
Consulting firm NEPC worked in conjunction with the pension fund's staff to develop the pacing plan.
