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FUNDRAISING NEWS | January 27, 2025
The Ventura County Employees’ Retirement Association (VCERA) allocated $75M to a private credit opportunistic fund and received performance updates from two of its real estate portfolio managers.
According to related media and materials from its January 27 board meeting, the pension approved a commitment to VWH Partners Fund IV in a follow-on to its previous $50M allocation to VWH Master Fund III in 2022, according to Dakota Marketplace data. VWH Fund IV represents VCERA’s first investment this year in private credit, for which it increased its target from 8% to 10% last year, as Dakota reported on May 23, 2024. Its new private credit pacing plan will be implemented over a period of three to five years.
VCERA also heard annual investment presentations from LaSalle Value Partners and PGIM Real Estate from its value-add and core real estate policies, respectively. The pension currently has an existing investment in LaSalle Value Partners US VIII, to which it invested $100M in 2019, and its subsequent 2023 vintage Fund IX, to which it committed $75M, while it has invested $60M in PGIM’s PRISA in 2005.
Among the updates provided by the firms, LaSalle said its Fund VIII held 35 investments at its peak and has since sold nine assets, returning 25% of VCERA’s committed capital. Meanwhile, PGIM reported that the pension’s US core fund investment has since grown to $178M in market value as of December 31, 2024. VCERA received and filed the presentations of both managers.
To date, the California-based county pension oversees total plan assets valued at $8.5B, per Dakota data.
Written By: Dakota
December 19, 2024
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