Howard County Retirement Plans, Ellicott City, Md., approved two new commitments totaling $35 million.
The joint committee for the Howard County Retirement Plan and the Howard County Police and Fire Employees' Retirement Plan approved commitments of $20 million to Orchard Global EleganTree Opportunities Fund III, a private credit fund managed by Orchard Global Asset Management, and $15 million to buyout fund Cortec Group Fund VIII at its Oct. 18 meeting, recently released meeting minutes showed.
There is no record of any prior commitments to the two managers by the retirement plans.
As of Sept. 30, the plans' actual allocations to private equity and private debt were 14.4% and 2.1%, respectively; their respective targets are 13% and 5%,
Investment consultant NEPC assisted.
