Santa Barbara County (Calif.) Employees' Retirement System committed $20 million to Deerpath Capital V, said Lauren E. Thompson, assistant CEO, in an email.
The $3.2 billion pension fund's board approved the commitment to the lower-middle market, senior direct lending fund managed by Deerpath Capital Management at its July 22 meeting, Ms. Thompson said.
It is the fourth private credit fund to which SBCERS has made a commitment. The pension fund's target to private credit makes up a third of the 11% target to non-core fixed income, or about 3.7% of the total pension fund.
As of June 30, the actual allocation to non-core fixed income was 10.3%.
Investment consultant RVK assisted.