Fresno (Calif.) City Retirement Systems approved an additional investment of $25 million in a European private debt strategy managed by Arcmont Asset Management.
The systems' joint retirement board approved the additional investment in the private debt separate account at its Dec. 8 meeting, said Robert Theller, retirement administrator.
The board originally hired Arcmont to manage $150 million in the strategy in 2020.
The retirement systems, which consist of the Employees Retirement System and the Fire and Police Retirement System, have a combined $3.9 billion in assets.
As of Dec. 31, the actual allocation to private debt/credit was 8.1%; the target is 10%.
Investment consultant NEPC assisted.
