Stanislaus County Employees' Retirement Association, Modesto, Calif., committed $10 million to Owl Rock First Lien Fund, a direct lending fund managed by Owl Rock Capital Advisors.
The $2.2 billion pension fund closed the transaction Sept. 23, according to a memo from Stan Conwell, retirement investment officer, available on the pension fund's website.
The pension fund's target allocation to private credit is 6%. Within the asset class, the pension fund has targets of 4% of the overall fund to direct lending and 2% to special situations.
As of Aug. 31, the actual allocation to private credit was 4.4%.
Mr. Conwell was not available to provide further information.
