Santa Barbara Retirement Targets $55M to Private Credit

The Santa Barbara County Employees’ Retirement System reviewed a Private Credit Strategic Plan presentation from their consultant, RVK, at the April 26 board meeting.

The strategic plan is recommending $55 million in new commitments to private credit between two funds. Objectives include building a new relationship with at least one additional private credit manager and considering commitments to new or lessor allocated sub-strategies such as distressed, specialty finance, or asset-backed strategies.

A $27.5 million commitment recommendation is anticipated for June 2023 and also in the second half of 2023.

As of March 31, 2023, the $4 billion Retirement System allocate approximately 10.2% to non-core fixed income while they target 11% to the asset class.

For more public pension insights and a comprehensive library of public plan minutes, we would love to offer you a free trial of Dakota Marketplace!