Kern County Employees' Retirement Association, Bakersfield, Calif., approved a commitment of up to $25 million to HPS Special Situations Opportunity Fund II, a distressed debt fund, managed by HPS Investment Partners.
The commitment was approved at the Feb. 29 board meeting, according to minutes from materials for the April 10 meeting.
As of Feb. 29, KCERA had about $5.6 billion in assets, of which private credit accounted for 6%, below its 8% target allocation.
A spokesperson confirmed that this commitment marks KCERA’s first investment in a fund managed by HPS.
