Alameda County Employees' Retirement Association, Oakland, Calif., made new commitments totaling $79 million, said recently released board meeting minutes.
The $7.6 billion pension fund committed $35 million to Peak Rock Capital Fund II and $9 million to Peak Rock Capital Credit Fund II, both special situations funds, and a total of $35 million to Quantum Energy Partners VII, a natural resources fund, and Quantum Energy Partners VII Co–Investment Fund.
As of Sept. 30, the actual allocations to private equity and alternatives, and real assets were 10.1% and 3.6%, respectively. Their respective targets are 18% and 5%.
Separately, the pension fund's investment committee voted at its Oct. 11 meeting to terminate EnTrustPermal as an absolute-return manager due to "recent significant organizational change, performance, substantial loss of assets under management, in addition to the fund's relatively higher correlation than what is called for under ACERA's newly approved absolute-return policy," according to the minutes. An EnTrustPermal spokesman declined to comment.
Michael Fara, pension fund spokesman, could not be immediately reached to provide further information.
