San Joaquin County Employees' Retirement Association, Stockton, Calif., approved two commitments totaling $113 million to two funds, according to the agenda for the Sept. 13 board meeting.
Specifically, at a closed session on August 9, the board approved the commitment of $63 million to Silver Rock Tactical Allocation Strategy Vintage Fund 2024 as part of the private credit portfolio. Silver Rock Financial manages the fund.
In 2023, SJCERA had committed $62.5 million to Silver Rock Tactical Allocation Strategy Vintage 2022 Fund.
Also, at a closed session on June 7, the board approved the commitment of $50 million to SROA Capital Fund IX, a real estate debt fund managed by SROA Capital.
As of Feb. 29, 2024, the pension fund had total assets of about $4.3 billion. Of that total, private credit accounted for about 10% of total assets, while real estate, comprising opportunistic private real estate, value-added private real estate and core private real estate, accounted for about 7.2% of assets.
SJCERA could not be immediately reached for further details.
