The Contra Costa County (Calif.) Employees’ Retirement Association has committed $75 million to Angelo Gordon Energy Credit Opportunities Fund, according to Timothy Price, CIO for the pension fund. The board has the ability to increase the amount to $125 million as the opportunity develops.
The fund’s strategy will originate loans to small and mid-sized companies in the energy industry with a focus in oil and gas, oilfield service, midstream, transportation, and other energy-related companies.
According to meeting documents, “Staff felt there was a great alignment of interests in the structure of the Angelo Gordon Fund.”
The $6.5 billion pension fund has previously invested with Angelo Gordon, including Angelo Gordon Realty Fund VIII in 2011 and Angelo Gordon Realty Fund IX in 2014. This commitment falls under CCCERA’s opportunistic allocation, which has a target of up to 5 percent.