Ventura County (Calif.) Employees' Retirement Association approved two new direct lending fund commitments totaling $45 million.
The $7.5 billion pension fund's board on Monday approved commitments of $25 million to Adams Street Private Credit Fund III, a middle-market fund managed by Adams Street Partners, and $20 million to HarbourVest Direct Lending Fund II, managed by HarbourVest Partners, said Dan Gallagher, chief investment officer, in an email.
VCERA previously committed $25 million to Adams Street Global Secondary Fund 7 and $40 million to HarbourVest's Dover Street XI, both in 2022.
As of June 30, the pension fund's actual allocation to private debt was 6.4%; the target is 8%.
Investment consultant NEPC assisted.