Sacramento County (Calif.) Employees' Retirement System committed $100 million to three alternatives funds and redeemed part of its position within one fund, confirmed Steve Davis, chief investment officer for the $9.7 billion pension fund.
At its Wednesday meeting, the board said that it had committed $40 million to IFM U.S. Infrastructure Debt Fund, an open-end direct lending fund managed by IFM Investors; and $30 million to Gridiron Capital Fund IV, a middle-market buyout fund. The board also made a follow-on commitment of an additional $30 million to Davidson Kempner Long-Term Distressed Opportunities Fund V, a distressed debt fund managed by Davidson Kempner Capital Management.
The SCERA board also redeemed $12.5 million from AQR Delta Fund II, a diversifying hedge fund managed by AQR Capital Management, for performance reasons. AQR spokeswoman Claudia Gray declined to comment.
Mr. Davis said that this was a partial liquidation and that SCERS will have roughly $45 million in the AQR fund going forward.
AQR is on SCERA's watch list, along with Carlyle Group.