San Joaquin County Employees’ Retirement Association, Stockton, Calif., committed $125 million to two alternatives funds, subject to legal review and successful contract negotiations, said recently released draft meeting minutes.
The $2.5 billion pension fund committed $75 million to Mesa West Real Estate Income Fund IV, a real estate debt fund managed by Mesa West Capital, and $50 million to Ocean Avenue Fund III, a private equity fund of funds managed by Ocean Avenue Capital Partners.
The Mesa West commitment will fall under the pension fund’s credit portfolio, and Ocean Avenue will fall under private appreciation; both are new asset classes for the association. Further information, including target allocations, could not immediately be learned.
The pension fund has committed to previous Mesa West and Ocean Avenue funds.
CEO Annette St. Urbain could not be reached for additional information on the Sept. 11 meeting.