The Ventura County Employees’ Retirement Association (VCERA) has committed $40 million to Torchlight Debt Fund VIII.
According to a formal recommendation from consultant, NEPC, “Debt Fund VIII will pursue investments across the spectrum of debt and other interests relating to commercial real estate, including, but not limited to senior mortgages, mezzanine loans, CMBS, preferred equity and equity positions”.
VCERA previously committed $25 million to Torchlight Debt Fund VII in 2020.
At the April meeting, the Board increased the target allocation to private debt from 6% to 8%. As of March 31, 2022, VCERA has a 3.5% current allocation to private debt.
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