Montgomery County Employees’ Retirement System, Rockville, Md., committed $51 million in the first quarter of 2016, said a quarterly report released May 20.
In private equity, $19 million was committed to DW Healthcare Partners IV, $13 million to TC Growth Partners I and $9 million to Thoma Bravo Discover Fund. Another $10 million went to PineBridge Structured Capital Partners III, a private debt fund managed by PineBridge Investments to invest in junior capital securities including mezzanine debt and structured equity issued by privately owned middle-market companies across all sectors in North America.
Separately, the pension fund returned 2.09% in the quarter ended March 31, 42 basis points behind its 2.51% policy benchmark. The annualized performance was 5.7% for the three-year period and 7.28% for the five-year period ended March 31.
The asset allocation as of March 31 was 24.5% fixed income, 19% domestic equity, 15.4% international equity, 10.4% inflation-linked bonds, 7.1% private equity, 6% real estate investment trusts, 5.4% private real assets, 3.6% global equity, 3.4% opportunistic, 2.5% commodities, 0.7% master limited partnerships, 0.5% private debt and the rest in cash.
The $3.5 billion pension fund was 90% funded as of March 31.
