Ventura County (Calif.) Employees' Retirement Association committed $25 million to Bridge Debt Strategies Fund III, a real estate debt fund managed by Bridge Investment Group, said Dan Gallagher, chief investment officer, in an email.
The $5.7 billion pension fund's board approved the commitment at its meeting Monday.
It is VCERA's fourth private debt commitment since the adoption of a 3% target to the asset class in May 2018.
As of June 30, the actual allocation to private debt was 0.6%.
Investment consultant NEPC assisted.
