SBCERS approves $20m commitment

The US public pension re-ups with Angelo Gordon direct lending vehicle.

Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Goleta, United States
AUM: $3.3 billion
Allocation to alternatives: 27.13%

Santa Barbara County Employees’ Retirement System approved a $20 million commitment to AG Direct Lending Fund IV, as mentioned during the pension’s December 2020 retirement board meeting.

The fund focuses on senior direct lending in middle and lower-middle markets in the US. According to retirement board documents, it is expected to hold its final close in the first quarter of 2021.

As illustrated below, the pension’s recent private debt commitments have been to senior debt funds targeting investments in North America. SBCERS currently allocates 27.13 percent of its full investment portfolio to alternatives.

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