Pompano Beach (Fla.) General Employees' Retirement System committed $5 million to direct lending fund Partners for Growth Fund VII, said Madelene L. Klein, executive director, in an email.
It is the $254 million pension fund's first commitment to the manager, which focuses on emerging technology companies primarily in the U.S. and Australia.
As of March 31, the pension fund's actual allocation to private credit was 0.1%; the target is 5%.
Investment consultant Southeastern Advisory Services assisted.
