Marin County Employees' Retirement Association, San Rafael, Calif., agreed to commit a total of $100 million to three private credit funds as part of a new allocation to private opportunistic credit, confirmed Jeff Wickman, retirement administrator for the $2.7 billion retirement plan.
At its Sept. 17 meeting, the retirement association's investment committee agreed to commit to CVI Credit Value Fund V, a distressed/opportunistic debt fund managed by CarVal Investors; Fortress Credit Opportunities Fund V Expansion, opportunistic credit fund managed by Fortress Investment Group; and Varde Dislocation Fund, a credit dislocation fund managed by Varde Capital.
The amounts to be allocated to each fund has not yet been determined, Mr. Wickman said.
Funding will come from reducing the plan's exposure to equities, although no specific strategies or managers from the portfolio have been targeted for reduced allocations.
