Ventura County (Calif.) Employees' Retirement Association approved three new commitments totaling $120 million.
The $7.5 billion pension fund's board at its Sept. 25 meeting approved commitments of $75 million to HarbourVest Infrastructure Opportunity Fund III, an infrastructure fund managed by HarbourVest Partners; $25 million to Pantheon Global Infrastructure Fund IV; and $20 million to Bridge Debt Strategies Fund V, a real estate debt fund managed by Bridge Investment Group, said Dan Gallagher, chief investment officer.
VCERA previously committed $20 million to HarbourVest Direct Lending Fund II earlier this year, $40 million Pantheon Credit Opportunities Fund II in 2022 and $25 million to Bridge Debt Strategies Fund IV in 2021.
As of June 30, the pension fund's actual allocations to private debt and real assets were 6.4% and 4.6%, respectively; their respective targets are 8% and 6%.
Investment consultant NEPC assisted.