Ventura County (Calif.) Employees' Retirement Association made two new commitments totaling $50 million.
The $7.4 billion pension fund's board at its meeting Monday approved commitments of $25 million each to Cross Ocean European Special Situations Fund IV, a special situations fund managed by Cross Ocean Partners; and HarbourVest Direct Lending Fund, a private credit fund managed by HarbourVest Partners, said Dan Gallagher, chief investment officer, in an email.
As of May 31, the actual allocation to private debt was 2.4%.
Separately, the board on Monday approved the termination of Hexavest from a $101 million active international equity portfolio due to organizational changes and performance concerns.
Assets will be reallocated to Walter Scott & Partners, increasing the active international equity portfolio it currently manages for the pension fund to about $293 million.
On May 31, Desjardins Group announced in a news release it would be acquiring Montreal-based Hexavest. Hexavest employees will become employees of Desjardins Global Asset Management when the acquisition is finalized around Sept. 1. Officials at Desjardins Group could not be immediately reached to provide comment on the termination.
As of May 31, the pension fund's actual allocation to international equities was 16.3%.
Investment consultant NEPC assisted with both the commitments and termination.
