Ventura County (Calif.) Employees' Retirement Association approved two new commitments for its private credit asset class totaling $60 million.
The $7.1 billion pension fund's board at its meeting Monday approved commitments of $30 million each to HarbourView Royalties Fund I, a fund that invests in music and sound royalties managed by HarbourView Equity Partners; and Kennedy Lewis Capital Partners Master Fund III, an opportunistic credit fund managed by Kennedy Lewis Investment Management, said Dan Gallagher, chief investment officer, in an email.
Both are new managers for the pension fund.
As of Dec. 31, the pension fund's actual allocation to private credit was 5.2%; the target is 8%.
Investment consultant NEPC assisted.