Fresno County (Calif.) Employees' Retirement Association approved new commitments to alternative investment funds totaling $140 million during the fourth quarter.
The pension fund approved commitments of $40 million to Ardian Private Credit VI Levered; $35 million to 400 Capital Asset Based Term Fund IV, a credit special situations fund managed by 400 Capital Management; $30 million to Arbour Lane Credit Opportunity Fund IV, a credit special situations fund managed by Arbour Lane Capital Management; $20 million to Thomas H. Lee Equity Fund X, a buyout fund managed by Thomas H. Lee Partners; and $15 million to Trident X Fund, a buyout fund managed by Stone Point Capital, according to a Feb. 5 letter to the board by Conor Hinds, retirement investment officer of the $6.9 billion pension fund.
Hinds said the Ardian fund focuses on direct lending and targets Western European companies with EBITDA — earnings before interest, taxes, depreciation and amortization — of between €15 million ($15.4 million) and €50 million.
FCERA previously committed $7.5 million to Thomas H. Lee Equity Fund VIII in 2019.
As of Sept. 30, the pension fund had actual allocations of 8.1% to private equity (8% target) and 6.7% to private credit (8% target).
