Ventura County (Calif.) Employees' Retirement Association made a follow-on commitment of $25 million to Cross Ocean European Special Situations Fund IV.
The $7.1 billion pension fund's board approved the commitment to the special situations fund managed by Cross Ocean Partners at its meeting Monday, said Dan Gallagher, chief investment officer, in an email.
VCERA originally committed $25 million to the fund in June 2021. The additional commitment is the result of the board increasing its target allocation to private credit to 8% from 6% in April 2022.
As of Dec. 31, the actual allocation to private credit was 5.2%.
Investment consultant NEPC assisted.