Ventura County (Calif.) Employees' Retirement Association plans to make one or two more private credit commitments totaling $50 million during the rest of 2020.
The $5.6 billion pension fund's board Monday approved the private credit pacing plan to make one or two more commitments in addition to the one commitment already approved this year, said Dan Gallagher, chief investment officer, in an email.
In January, the board approved a commitment of $50 million to PIMCO Credit Opportunity Fund III, a private credit fund managed by Pacific Investment Management Co.
Investment consultant NEPC recommended the additional commitments to "exploit opportunities created by current market dislocation," a memo showed. The pension fund's target to private credit is 3%.
Mr. Gallagher said a fund recommendation will likely be made at VCERA's June 22 board meeting.
As of April 30, the actual allocation to private credit was 1.8%.
