Sacramento County (Calif.) Employees' Retirement System made a $30 million commitment to Accel-KKR Capital Partners VI, confirmed Steve Davis, chief investment officer for the $9.5 billion pension fund.
The fund targets lower-middle market and middle-market opportunities in the technology sector.
SCERS previously committed to Accel-KKR Capital Partners IV and V.
Also at its latest meeting, SCERS staff and its investment consultant, Verus, recommended that the board make two revisions to its strategic asset allocation: establish a 1% dedicated cash allocation, to be funded from the U.S. large-cap portion of its domestic equities asset class; and convert its dedicated 2% commodities allocation within the real return asset category into a 2% diversified liquid real return allocation.
As part of this second revision, the board will terminate its current $25 million commodities investment in Gresham Investment Management's TAP Fund and transfer the proceeds into the current State Street Global Advisors' liquid real return overlay proxy.
Mr. Davis confirmed that the SCERS Board approved the recommended strategic asset allocation changes.