Ventura County (Calif.) Employees' Retirement Association made two new commitments totaling $75 million.
The $6.1 billion pension fund committed $50 million to PIMCO Credit Opportunity Fund III, a private credit fund managed by Pacific Investment Management Co., and $25 million to Abbott Secondary Opportunities Fund II, a secondary private equity fund of funds managed by Abbott Capital Management, said Dan Gallagher, chief investment officer, in an email.
VCERA previously committed $55 million to PIMCO Private Income Investment Fund in 2019 and $25 million to Abbott Secondary Opportunities Fund in 2017.
As of Dec. 31, the actual allocations to private equity and private debt were 7.4% and 1.2%, respectively; their respective targets are 13% and 3%.
Investment consultant NEPC assisted.