Ventura County Pension Commits $60M to Real Estate, Private Credit
Ventura County Employees’ Retirement Association (VCERA) added $60 million to its portfolio with a new real estate and private credit fund.
The allocations from the $7.1 billion pension fund were recommended by staff and investment consultant firm NEPC. The moves come as the pension system ended with a -11.72% return in 2022.
VCERA committed $35 million to Alterra IOS Venture III, which is part of Alterra’s ‘Industrial Outside Storage’ investment strategy. The Alterra fund focuses on low density, supply chain and infrastructure real estate in core infill locations. The fund is managed as a joint venture between Alterra Property Group and Park Madison Partners.
Monroe Capital was the recipient of $25 million to its Monroe Opportunistic Private Credit Fund II. The fund invests in opportunistic and special situation private credit transactions across multiple industries, with a focus on asset rich directly originated and secondary credit opportunities.
The areas of focus for Monroe include specialty finance, asset heavy corporate credit, highly structured real estate lending, litigation finance, fund finance, NAV lending and secondary investments in loans.