San Bernardino (Calif.) County Employees’ Retirement Association changed the mandate of alternatives investment firm Partners Group’s $195 million account to include investments across the firm’s global multiasset-class platform, said Don Pierce, chief investment officer of the $8.1 billion pension fund.
The pension fund created a master custody account with Partners Group in 2013 as a flexible “legal umbrella” allowing pension fund officials to invest across the manager’s offerings within a negotiated fee structure, reporting and transparency requirements and guidelines, a staff memo for the board’s Sept. 3 meeting states.
The expansion of the mandate permits investments in private debt and infrastructure, within the pension fund’s investment policies. The account already invested in private equity and real estate.
General investment consultant NEPC assisted.