San Bernardino County (Calif.) Employees' Retirement Association approved the pension fund’s 2025 pacing plans for both private equity and real estate assets at the Jan. 9 meeting, according to board meeting minutes for the $15.9 billion pension fund.
SBCERA plans to commit $650 million to private equity in 2025 to achieve and maintain its 18% target allocation. As of June 30, the pension fund had an actual allocation to private equity of about 17%.
The $650 million target will allow the pension fund to “maintain target exposures while investing in private assets across all the sub-strategies including but not limited to distressed debt, direct lending, mezzanine debt, equity buyout, growth equity, and venture capital,” according to the pacing information provided in the minutes.
For real estate, SBCERA’s board approved a plan to commit up to $145 million to the asset class in 2025. As of Sept. 30, the pension fund had a 5.8% actual allocation to real estate assets, with a 5% target.
