The Fresno County Employees’ Retirement Association (FCERA) made commitments totaling $140M to five funds in private equity and private credit, invited three candidates for interviews in its core fixed income manager search, and disclosed a target size for its 2025 private markets commitment pacing plan.
According to materials from its February 5 board meeting, the California-based pension allocated $40 million to Ardian VI Levered, $20 million to THL Equity Fund X, and $15 million to Trident X in private equity. Additionally, it committed a total of $65 million to two private credit funds, with $30 million allocated to Arbour Lane Credit Opportunity Fund IV and $35 million to 400 Capital Distressed Debt & Special Situations.The transactions were closed in December of last year, with assistance from private credit and private equity consultants Aksia and Hamilton Lane.
FCERA approved interviews with Western Asset Management, Loomis Sayles, and Capital Group for its core fixed income manager search, initially launched to replace Western Asset per NEPC’s recommendation. Western Asset requested to present alongside the candidates at the February board meeting.
After a portfolio review with NEPC, Fresno County plans to commit $125M to private markets in 2025 and $80M in 2026 to launch its non-core infrastructure/real assets program. NEPC recommended $50M–$90M commitments to no more than two infrastructure secondary managers and will present strategies, including infrastructure secondary funds, at the March board meeting.
