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Pension Funds

San Bernardino County plans $500 million in private equity commitments in 2019

San Bernardino County (Calif.) Employees' Retirement Association has budgeted a total of $500 million for private equity commitments in 2019, said a presentation from NEPC, the $9.7 billion pension fund's investment consultant.

"With a 16% target allocation to private equity, budgeting $500 million will allow SBCERA to maintain target exposure while investing in private assets across all the substrategies, including but not limited to distressed debt, direct lending, mezzanine debt, equity buyout, growth equity and venture capital," according to the presentation.

This includes $270 million for allocating to already established relationships and $230 million for new investment opportunities.

Fund spokesman Michael Tamony could not be immediately reached for comment.