Fresno County Pension Fund Commits $100M to Private Markets Strategies 

The Fresno County Employees’ Retirement Association (FCERA) committed approximately $100 million across four private market strategies in early 2025, according to a recent board memo to trustees. The $7 billion pension fund currently has about $1.9 billion allocated to private markets, including private equity, real estate, private credit, and infrastructure. 

In February, FCERA approved three allocations across a range of strategies. The first was a $10 million commitment to the EnTrust Global Blue Ocean Onshore Fund II, a maritime private credit strategy launched in 2016 that provides asset-backed financing in the shipping sector. The pension also allocated $20 million to Kayne Anderson Private Energy Income Fund III, which recently closed at $2.5 billion. The fund is managed by Kayne Anderson’s energy private equity team, which now oversees approximately $7 billion in energy-focused capital across multiple vehicles. 

In April, the board approved a $55 million investment in HarbourVest Infrastructure Opportunities Fund III, which targets infrastructure assets in the renewables, power, and transmission sectors and includes secondary investments as part of its strategy. Most recently, FCERA committed $15 million to Graceada Partners Fund IV-QP, a value-add real estate fund focused on industrial parks and multifamily housing.