SAN BERNARDINO, Calif. — The San Bernardino County Employees' Retirement Association hired Partners Group Inc. and Standard Life Investments to manage $220 million each in European private equity portfolios, said Don Pierce, investment officer. This is a new mandate for the $3.6 billion fund. Funding will come from public equities.
In other action, the board changed the structure of its 8% allocation to real estate. It increased the allocation to non-core real estate to 35% from 25% of the overall allocation and reduced its core real estate allocation by 10 percentage points to 65% of the overall allocation, Mr. Pierce said. As part of the change the board invested $10 million in Fremont Strategic Property Partners II LP and $10 million to Guggenheim Structured Real Estate Inc. The board committed an additional $10 million each to Prudential PRISA II and PRISA III, bringing the total to $20 million invested in each fund, Mr. Pierce said. The board also committed an additional $21 million in the RREEF American REIT II Fund; the fund had $20 million invested already. New England Pension Consultants is assisting.