Ventura County (Calif.) Employees' Retirement Association approved two new private credit commitments totaling $50 million.
The $7.3 billion pension fund's board at its meeting on Monday approved commitments of $25 million each to Crayhill Principal Strategies Fund III, a private credit fund managed by Crayhill Capital Management, and Crescent Cove Capital IV, a private credit fund managed by Crescent Cove Advisors, said Dan Gallagher, chief investment officer, in an email.
VCERA previously committed $25 million to Crayhill Principal Strategies Fund II in 2020 and $25 million to Crescent Cove Opportunity Fund in 2022.
As of March 31, the pension fund's actual allocation to private credit was 5.4%; the target is 8%.
Investment consultant NEPC assisted.