Imperial County Employees' Retirement System, El Centro, Calif., committed $20 million to Sixth Street TAO Contingent Fund, said Scott W. Jarvis, retirement administrator.
The $875 million pension fund's board approved the commitment to the global multiasset-class fund investing in special situations, middle-market direct lending and distressed credit lending at its Sept. 16 meeting, Mr. Jarvis said.
As of June 30, the pension fund's actual allocation to private credit was 3.2%; the target is 5%.
Investment consultant Verus Advisory assisted.
