Sacramento County (Calif.) Employees' Retirement System made five new private equity commitments totaling $130 million.
The $13.3 billion pension fund committed $30 million each to buyout funds Accel-KKR Growth Capital Partners IV and TSG9, managed by TSG Consumer Partners, $25 million to venture capital fund Threshold Ventures IV and $22.5 million each to venture capital funds CRV XIX and CRV Select II, according to a January transaction report included with Feb. 16 board meeting materials.
SCERS previously committed $33 million to Accel-KKR Growth Capital Partners III and $45 million to TSG8, both in 2018, $20 million to Threshold Ventures III in 2019, and $20 million to CRV XVIII in 2020.
As of Dec. 31, the system's actual allocation to private equity was 10.1%.
Separately, the pension fund last month restructured its real assets and real estate asset classes, including a new focus on energy transition strategies and increases in the targets to infrastructure and non-core real estate.
The pension fund's board approved the changes at its Jan. 19 meeting, recently released meeting minutes show.
Within real assets, which has a target of 7%, the board approved increasing the target to infrastructure to 60% from 45% and reducing the combined agriculture, timber and other real assets target to 10% from 20%.
The board also approved changing the energy subasset class's name to energy and power due to the industry's continuing transition to renewable energy from oil and gas. While the pension fund will continue to invest in oil and gas on a tactical basis, an increased focus will be on long-term investments in the energy transition sector, according to a memo from Steve Davis, chief investment officer, J.R. Pearce, senior investment officer, and Eric Stern, CEO, included with Jan. 19 board meeting materials.
The energy and power subasset class's target within real assets will be 30%. The previous energy subasset class previously had a target of 35%.
Alternatives consultant Cliffwater assisted with the recommendations.
As of Sept. 30, the actual allocation to real assets was 5.8%.
Within real estate, which has a target of 9%, the board approved changing the split between core and non-core real estate to 65% and 35%, respectively, from a respective 60% and 40%.
Staff and real estate consultant Townsend Group recommended the slight increase in non-core real estate because they have been "finding a larger opportunity set in non-core real estate with compelling risk-adjusted returns," according to a separate memo from Messrs. Davis, Pearce and Stern.
As of Sept. 30, the actual allocation to real estate was 7.2%.
Mr. Davis did not reply to requests for further information.
