San Mateo County Employees' Retirement Association, Redwood City, Calif., committed up to $30 million total to two private equity funds, said a posting on the pension fund's website.
The board at its Dec. 6 meeting approved committing $20 million to Great Hill Equity Partners VI, managed by Great Hill Partners, and up to $10 million to ABRY Senior Equity V, managed by ABRY Partners. The pension fund has a 7% allocation to private equity.
The board also directed staff to begin implementation of a new asset allocation policy following an asset-liability study. The new policy reduces growth assets to 54% from 63%; increases inflation assets to 20% from 14%; and increases diversifying assets to 18% from 15%. Risk parity remains at 8%.
The $3.6 billion pension fund's current asset allocation targets are 47% public equity, 19% fixed income, 14% inflation hedge, 12% alternatives and 8% risk parity.
Investment staff were unavailable for comment by press time.