California pension adds mezzanine debt fund

The $2.7 billion Stanislaus County Employees' Retirement Administration (StanCERA) in Modesto, California, committed $15 million earlier this month to a mezzanine debt fund.

The ABRY Senior Equity VI (ASE VI) was tapped as part of StanCERA’s 8% target allocation to private credit. The fund invests in senior equity positions in the middle of the capital stack with the goal to provide equity-like returns while assuming more debt-like risk.

Boston-based Abry Partners invests in the media, communications, information and business services sectors where it has been a specialist for decades. The . . .

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