Two San Jose, Calif., pension funds added a total of $40 million to customized private equity funds of funds managed by Neuberger Berman.
The $3.4 billion San Jose City Police & Fire Department Retirement Plan added $27.5 million to SJPF Private Equity Strategic Partnership and the $2 billion San Jose City Federated City Employees' Retirement System added $12.5 million to SJFED Private Equity Strategic Partnership, according to closed session reports included in August board meeting materials.
Ron Kumar, investment operations supervisor, said in an email that the "funds of one" have been in the pension funds' portfolios since 2017. As of Dec. 31, the SJFED Private Equity Strategic Partnership had $262 million in assets. The amount of assets in the SJPF Private Equity Strategic Partnership was not available.
As of March 31, the federated city employees' plan and police and fire plan had actual allocations to private markets of 21.8% and 19.5%, respectively.
Mr. Kumar could not immediately be reached for further information.