Ventura County (Calif.) Employees' Retirement Association committed $40 million to Torchlight Debt Opportunity Fund VIII.
The $7 billion pension fund's board approved the commitment to the real estate debt fund managed by Torchlight Investors at its meeting Monday, said Dan Gallagher, chief investment officer, in an email.
VCERA previously committed $25 million to Torchlight Debt Opportunity Fund VII in 2020.
As of June 30, the pension fund's actual allocation to private debt was 4.6%; the target is 8%.
Investment consultant NEPC assisted.