Ventura County (Calif.) Employees' Retirement Association approved two new commitments totaling $75 million.
The $7.3 billion pension fund's board on Monday approved commitments of $50 million to VWH Master Fund III, a private credit fund managed by VWH Capital Management; and $25 million to Adams Street Global Secondary Fund 7, a secondary private equity fund managed by Adams Street Partners, said Dan Gallagher, chief investment officer, in an email.
VCERA has made commitments to eight prior Adams Street funds, most recently committing $35 million to Adams Street Co-Investment Fund V in 2021. VWH Capital is a new manager for the pension fund.
As of Aug. 31, the pension fund's actual allocations to private equity and private debt were 17.9% and 4.5%, respectively; their respective targets are 18% and 8%.
Investment consultant NEPC assisted.