Fresno shortlists private credit consultants

The $4.9 billion Fresno County Employees’ Retirement Association (FCERA) has shortlisted firms that will be invited to participate in an RFI to aid with the build-out of the pension’s private credit program. Making the grade were: Carlyle/AlpInvest; Hamilton Lane; Aksia; Pathway Capital Management; and StepStone Group. Carlyle/AlpInvest is the incumbent private credit manager overseeing the roughly $725 million in private credit commitments of which $365 million has actually been put to work. According to FCERA financial reports, the asset class had a negative return of -6.6% in the second quarter and was down for the year-to-date period through June 30, 2020. Underlying funds in the current portfolio include: EQT European Special Situations Debt; OHA Strategic Credit Fund II; TSSP Adjacent Opportunities Partners; GSO European Senior Debt and Oaktree Opportunities IX. Hamilton Lane is FCERA’s existing private equity manager, but also provides private credit advisory services and so is being included in the search. Aksia, meanwhile, adds its research and portfolio advisory expertise to the mix in providing advice on over $160 billion of client capital in alternatives which includes private credit. FCERA’s current general investment consultant, Verus, relies on Aksia’s hedge fund research, but that shouldn’t impact the potential use of the firm for private credit services, officials added Customized private market solutions provider Pathway Capital Management has developed more than 90 individual programs totaling more than $100 billion in commitments across private equity, private credit and infrastructure. The firm relies on primary, secondary and co-investments in putting capital to work. Lastly, StepStone Group is also a finalist offering both customized investment and advisory solutions. The firm has overseen $292 billion across private equity, private debt, real estate and infrastructure. Staffers are expected to send out an RFI to the firms and prepare a summary report to present at a future board meeting. A final decision is expected in early 2021.

Fresno shortlists private credit consultants

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