Sacramento County (Calif.) Employees’ Retirement System sold $7 million of its stake in Linden Capital Partners III.
The $11.8 billion pension fund completed the secondary transaction in August, said Steve Davis, chief investment officer, in an email.
The pension fund had originally committed $35 million to the buyout fund managed by Linden Capital Partners in 2016. Mr. Davis said, “The Linden transaction was the result of SCERS electing to receive liquidity proceeds related to an underlying Linden portfolio company sale by the general partner.”
As of March 31, the pension fund held $55 million in Linden Capital Partners III.
Separately, according to Aug. 17 board meeting minutes, investment staff with the assistance of alternatives consultant Cliffwater hired Evercore to advise on the secondary transactions. The pension fund’s board in April had approved hiring a consultant to assist investment staff in selling private equity assets on the secondary market to bring the asset class back down to its target. Strong private equity returns over the previous fiscal years had brought the actual allocation to private equity to 13.4% as of Dec. 31, well overweight its 11% target.
