San Bernardino County (Calif.) Employees' Retirement Association committed a total of $306 million to 17 private equity funds that were presented by six of its master custodial account managers.
The six managers — Adams Street Partners, Industry Ventures, Irradiant Partners, Kayne Anderson Capital Advisors, Partners Group and Pathway Capital Management — offered a total of 38 opportunities, of which 21 were declined by SBCERA, according to the agenda for the July 13 investment committee meeting.
Specifically, the $13.9 billion SBCERA committed $125 million to Industry Ventures, $54 million to Pathway Capital, $50 million each to Irradiant Partners and Kayne Anderson, $23 million to Adams Street Partners and $4 million to Partners Group, the agenda noted.
The investments included primary funds, co-investments and secondary transactions.
A spokeswoman for SBECRA confirmed in an email Wednesday that at its January meeting, the board approved the 2023 private equity pacing plan with a budget of $525 million, a 25% reduction in size from the 2022 private equity budget of $700 million.
The pension fund has a target allocation of 18% to private equity.