SBCERS approves $20m commitment

The US public pension has backed a direct lending vehicle.

Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Santa Barbara, US
AUM: $3.58 billion
Allocation to alternatives: 25.19%

Santa Barbara County Employees’ Retirement System approved a $20 million commitment to First Eagle Direct Lending Fund V, as mentioned during the pension’s February 2021 retirement board meeting.

According to retirement board documents, the fund focuses on providing senior secured loans to sponsor-backed companies in middle and lower-middle markets in the US. It is expected to hold its first close in March 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 25.19 percent of its full investment portfolio to alternatives.

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