The Ventura County Employees’ Retirement Association (VCERA) approved $100M in commitments evenly distributed across two private credit funds at its October 28 board meeting, according to recently published materials.
VCERA allocated $50M to Crayhill Principal Strategies Fund III, an asset-backed private credit fund strategy. The fund focuses on creating highly structured investments across various core sectors, including media, commercial finance, renewable energy and structured real estate across North America and Western Europe. The investment is a continuation of an existing relationship with Crayhill Capital Management.
The pension also allocated $50M to Cross Ocean European Special Situations Fund V. The private credit fund has a flexible mandate to invest across Europe and the ability to invest 25% of the portfolio outside of Europe, in addition to a flexible mandate with sectors, with the ability to invest in a wide range of sectors. Fund V’s term is to comprise a three-year investment period from the final close, followed by a three-year harvest period.
NEPC assisted in both investment decisions. According to Dakota data, VCERA has $8.1B in AUM.
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