Sacramento County (Calif.) Employees’ Retirement System confirmed that it had committed a total of roughly $34 million to two investment funds at its Wednesday board meeting, said Steve Davis, chief investment officer for the $9.3 billion pension system.
The board reported that it agreed to commit €20 million ($21.8 million) to Summit Partners Europe Growth Equity Fund III; and make a follow-on commitment of $12 million to Davidson Kempner Institutional Partners, a hedge fund run by Davidson Kempner Capital Management.
The commitments were made at the end of March.
The pension fund had previously committed $32 million to the Davidson Kempner hedge fund in May.
The board also terminated AQR Delta Fund II, a diversifying hedge fund managed by AQR Capital Management. The plan redeemed $40 million from the fund. In September, the SCERS board partially redeemed $12.5 million from the AQR fund, then placed the fund on watch for performance reasons. An AQR spokeswoman declined to comment Wednesday.
