San Diego County Employees' Retirement Association committed €$40 million ($57.5 million) to EQT VI, a buyout fund managed by EQT Funds Management that focuses on middle-market companies in Germany and the Nordic countries.
The board of the $8.2 billion fund approved the private equity investment on Thursday, according to a videoconference of the meeting available on the fund's website.
Separately, board members reconsidered and approved a motion to invest $100 million in credit relative value hedge fund Saba Capital Partners, according to the videoconference of the meeting.
According to written minutes from the association's July 21 board meeting, “there was discussion as to the voting” and whether a similar motion to invest $100 million in Saba Capital Partners passed. The minutes noted that Steven Rice, the fund's legal counsel, determined after “double-checking SDCERA policies,” that the motion to invest in Saba Capital's hedge fund did not pass at the July 21 meeting.