Fresno (Calif.) Retirement Systems committed $20 million to Ocean Avenue Fund V.
The joint board of the Employees Retirement System and Fire and Police Retirement System approved the commitment to the private equity fund of funds managed by Ocean Avenue Capital Partners at its meeting on Wednesday, said Robert Theller, retirement administrator, in an email.
The board also approved investing an additional $180 million with existing discretionary private equity fund of funds manager Pantheon. The systems had $163 million invested with Pantheon as of Dec. 31.
The systems began an invitation-only search for private equity managers early in 2022 after raising the target allocation to private equity to 8% from 5% in April 2021.
As of Nov. 30, the actual allocation to private equity was 4.6%.
The retirement systems have a combined $3.6 billion in assets.
Investment consultant NEPC assisted.