Alameda County Employees' Retirement System, Oakland, Calif., committed up to $80 million to Owl Rock First Lien Fund, a private credit fund managed by Owl Rock Capital Private Fund Advisors, said Agnes Ducanes, administrative specialist, in an email.
It is the $7.6 billion pension fund's first private credit commitment following the creation of the new 4% target allocation to private credit that resulted from an asset-liability study.
The pension fund added the new target within its overall growth portfolio, which saw its target decrease slightly to 66% from 66.8% of the total fund.
Other changes within the growth portfolio were reductions in targets to domestic large-cap equities to 22.4% from 25% of the total fund, international developed equities to 17% from 18%, private equity to 10.5% from 11.3%, domestic small-cap equities to 2.5% from 3%.
The target to high-yield fixed income was increased to 1.6% from 1.5%, and the targets to emerging markets equities and international small-cap equities remained the same at 5% and 3%, respectively.
Investment consultant Verus Advisory assisted.
