San Bernardino County (Calif.) Employees' Retirement Association committed $35 million to the Waterfall Sentinel Fund, a private equity fund managed by Waterfall Asset Management focusing on the specialty finance sector, confirmed Michael Tamony, spokesman for the $9.7 billion pension fund.
SBCERA has invested with Waterfall Asset Management since July 2014.
SBCERA has a total budget of $500 million to allocate to private equity for the year. Following this commitment, the pension fund will have $130 million of uncommitted capital remaining in its private equity budget for 2018. It has a 16% target allocation to private equity.