Sacramento County (Calif.) Employees' Retirement System plans to commit to nine private equity funds in 2014 for a total of $265 million, according to recently released board meeting minutes.
The $7.6 billion pension fund approved the private equity annual investment plan, recommended by alternatives consultant Cliffwater, at its March 19 meeting.
The commitments are part of the plan to bring the pension fund to its long-term private equity target of 10% by 2019. The current actual allocation is 3%.
The areas of focus for the nine commitments planned for this year include sector-focused buyout funds and potentially some venture capital funds, according to the minutes. The exact timing of the commitments has yet to be determined. No open searches are planned.
A phone call to Scott Chan, chief investment officer, was not returned by press time.