Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Santa Barbara, US
AUM: $3.86 billion
Allocation to alternatives: 26.46%
According to retirement board documents, the fund managed by Deerpath Capital Management consists of primarily first-lien term loans to smaller, corporate borrowers in the lower middle market. It is expected to hold its first close in July.
The $3.86 billion US public pension’s private credit pacing plan, presented by investment consultant RVK, requires an annual commitment of $40 million in order to meet its 3.67 percent target allocation by 2024.
As illustrated below, the pension’s recent private debt commitments have been to senior debt funds targeting investments in North America. SBCERS currently allocates 1.93 percent of its full investment portfolio to private debt.
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