Tulare County Employees' Retirement Association, Visalia, Calif., approved three private markets commitments totaling $60 million.
The $1.9 billion pension fund's board at its July 28 meeting approved commitments of $20 million each to Ocean Avenue Fund V, a private equity fund of funds managed by Ocean Avenue Capital Partners; and private credit funds Sixth Street Partners CMS Fund IV and Sixth Street Partners Growth Fund II.
TCERA previously committed $26 million to Ocean Avenue Fund IV in 2019. Sixth Street Partners also runs an evergreen private credit program for TCERA to which the pension fund originally committed $140 million in 2016.
Also approved at the July 28 meeting was a $20 million commitment to Pathway Private Equity Fund Investors 11, which the board changed at its Aug. 11 meeting to a follow-on commitment to the prior fund, Pathway Private Equity Fund Investors 10, meeting minutes show.
The pension fund originally committed $10 million to Pathway Private Equity Fund Investors 10 in 2020.
The private equity fund-of-funds series is managed by Pathway Capital Management.
As of June 30, the actual allocations to private equity and private credit were 5.6% and 4.4%, respectively.
Investment consultant Verus Advisory assisted.
Leanne Malison, retirement administrator, could not be immediately reached for further information.