Santa Barbara County (Calif.) Employees' Retirement System committed $50 million to AG Direct Lending Fund IV.
The $3.3 billion pension fund's board approved the commitment to the private credit fund managed by Angelo Gordon & Co. at its Dec. 9 meeting, said Lauren Thompson, assistant CEO.
The system had committed $25 million to AG Direct Lending Fund III in 2018.
As of Oct. 31, the pension fund's actual allocation to non-core fixed income was 10.5%.
Investment consultant RVK assisted.