Sacramento County (Calif.) Employees' Retirement System committed a total of $170 million to three alternative investment funds, according to a monthly activity report from the $13.1 billion pension plan.
The system committed $100 million to Brookfield Super-Core Infrastructure Partners, an open-end infrastructure fund managed by Brookfield Asset Management.
It also committed $40 million to Asana Partners Fund III, a value-added real estate fund; and $30 million to Sixth Street Opportunities Partners V, a distressed and opportunistic credit fund managed by Sixth Street Partners.
In addition, SCERS announced plans to fully redeem $93 million from Grosvenor SC Absolute Return Fund, Series G, a diversifying hedge fund managed by Grosvenor Capital Management, over the course of a year. SCERS did not reveal an end date.
The system also terminated Lakewood Capital Partners, which ran $57 million in a hedge fund. Lakewood has been on SCERS' watchlist for performance reasons since July 2020.
Meanwhile, two strategies managed by Mondrian Investment Partners — an international small-cap equities strategy and an emerging markets equities strategy — and core fixed-income manager TCW Group remain on the watchlist; the former for performance reasons since October, the latter since September due to an organizational change within the firm.
Mondrian manages $125 million in the small-cap strategy and $207 million in the emerging markets separate account, while TCW runs $515 million.
Representatives from Mondrian and Lakewood could not be immediately reached for comment.
SCERS was more than 94% funded as of June 30.