Sacramento County (Calif.) Employees' Retirement System committed $15 million to a venture capital fund and redeemed $150 million from a passive large-cap strategy, said an investment activity report posted on the $10.6 billion pension plan's website.
The retirement system committed $15 million to OrbiMed Private Investments VIII, a venture capital fund managed by OrbiMed Advisors.
It also redeemed $150 million from a passive large-cap fund benchmarked against the Russell 1000 managed by AllianceBernstein, which runs about $1.4 billion in the strategy. No reason was given for the redemption.
In addition, three hedge funds remained on the system's watchlist: Lakewood Capital Partners; Winton Capital Management's Winton Diversified Futures Fund; and KLS Diversified Asset Management's KLS Diversified Fund. The Lakewood fund has $37 million in assets, and the others manage $33 million each.
The three funds were put on watch July 20 — the Lakewood fund for performance reasons, and the Winton and KLS funds for performance and organizational issues.
A Winton spokesman declined to comment, while representatives from Lakewood and KLS could not be reached for comment.
Steve Davis, chief investment officer, could not be immediately reached for additional information.