San Bernardino (Calif.) County Employees Retirement Association approved investing $360 million in SSgAs State Street Alpha Pool Liquidity Strategy cash portfolio and committed $10 million each to two secondary private equity funds: Lexington Middle Market Investors II and Industry Ventures Fund V, said Don Pierce, investment officer for the $6.2 billion association. Funding will come from decreasing its domestic equity allocation. Mr. Pierce declined to identify the managers whose mandates would be reduced.
Separately, the board hired Oaktree to run a blended portfolio of U.S. convertible and high-income bonds, Lord Abbett to handle a convertible bond separate account and Ares to manage in its enhanced credit opportunities fund. The three managers each will run $30 million.