The Fresno County (Calif.) Employees' Retirement Association (FCERA) has approved a follow-on commitment of up to $7.5 million to the Access Capital Community Investment Fund, managed by RBC Global Asset Management.
The investment represents a 15 percent increase in the size of the $50.7 million portfolio, according to minutes from a May 6 board meeting.
The Access Capital Community Investment Fund purchases bonds that support affordable housing and community development and service low- and moderate-income individuals and communities, according to McKnight.
FCERA said the strategy is intended to help the board deploy capital toward causes that not only align with the fiduciary obligation to seek a competitive rate of return, but also provide some form of economic benefit to the community.
Assets will be invested in newly originated r
