San Joaquin County Employees' Retirement Association, Stockton, Calif., approved commitments totaling $75 million to two funds.
According to materials provided for the April 12 board meeting, SJCERA approved at the Jan. 12 meeting a $25 million commitment to Capitol Meridian Fund I, a buyout fund managed by Capitol Meridian Partners that invests in companies in the government technology, aerospace and defense, and government services sectors.
At the Oct. 11 meeting, the board approved $50 million to IPI Partners Fund III. IPI Partners is a joint venture between ICONIQ Capital and Iron Point Partners that focuses on investing in data center and other technology- and connectivity-related assets globally.
These are the pension fund's first commitments to both managers, confirmed Paris Ba, retirement investment officer.
Ba also noted that the Capitol Meridian commitment will fall under SJCERA’s private equity allocation, while IPI Partners will be under its private real estate allocation.
As of Feb. 29, SJCERA had $4.3 billion in assets. Of that amount, about 7.1% was in private real estate, and 5% was in private equity, according to data provided in the meeting materials.
