Howard County Retirement Plans, Ellicott City, Md., committed $25 million to CVI Credit Value Fund V.
The joint committee for the two retirement plans approved the commitment to the distressed/opportunistic debt fund managed by CarVal Investors at its May 28 meeting, recently released minutes show.
The retirement plans' target allocation to private debt is 5%. As of March 31, the plans had an actual allocation to the asset class of zero.
The Howard County Retirement Plan and the Howard County Police and Fire Employees' Retirement Plan have a combined $1 billion in assets.
Investment consultant NEPC assisted.
Mark S. Miller, county spokesman, could not be immediately reached for further information.