San Diego County Employees Retirement Association committed $15 million to private equity fund Hellman & Friedman Capital Partners VII, said Johanna J. Shick, association spokeswoman.
Separately, the association's staff is preparing a policy on placement agent fees, which it expects to present to the board within the next 60 days, according to the board's July 2 agenda. In the meantime, staff is asking any new or potential money manager to fully disclose the relationship and any fees or potential fees paid to placement agents.
Also, staff at the $6.26 billion system reduced its overall exposure to RREEF because the $326.9 million portfolio the firm manages makes up 46% of the association's funded and committed real estate investments, which is above its 35% policy limit to a single real estate manager. As part of the reduction, the association's $26 million headquarters, which was in RREEF's portfolio, will be transferred to another manager. Also pulled will be a $32 million value-added separate account — through the sale of properties between 2010 and 2011 — and $34 million in unfunded commitments.
RREEF continues to run a $217 million separate account with 13 properties and a $52 million global REIT portfolio.