The Fresno County Employees’ Retirement Association (FCERA) has approved $140m in new commitments to alternative investment funds during the fourth quarter of 2024, according to a report by Pension & Investments Online citing a letter from retirement investment officer Conor Hinds.
The $6.9bn pension fund allocated $40m to Ardian Private Credit VI Levered, focused on direct lending to Western European companies with EBITDA between €15m and €50m, and $35m to 400 Capital Distressed Debt & Special Situations, managed by 400 Capital Management.
In addition, FCERA made a $30m to Arbour Lane Credit Opportunity Fund IV, a credit special situations fund managed by Arbour Lane Capital Management, $20m to Thomas H.Lee Equity Fund X, a buyout fund managed by Thomas H Lee Partners, and $15m to Trident X Fund, a buyout fund managed by Stone Point Capital.
As of 30 September 2024, FCERA’s portfolio included an 8.1% allocation to private equity, slightly above its 8% target, and a 6.7% allocation to private credit, just under its 8% target.
