San Mateo County Employees' Retirement Association, Redwood City, Calif., approved three new commitments totaling up to $70 million.
The $5.5 billion pension fund's board at its meeting Tuesday approved commitments of up to $30 million each to buyout fund Clayton Dubilier & Rice XII and Stockbridge Value Fund V, a diversified U.S. real estate fund managed by Stockbridge Capital Group, and up to $10 million to venture capital fund Eclipse Ventures Fund V, a report on its website shows.
All are existing managers for the pension fund, which previously committed up to $30 million each to Clayton, Dubilier & Rice XI and Stockbridge Value Fund IV, both in 2020, and up to $10 million to Eclipse Ventures Fund IV in 2021.
As of Sept. 30, the actual allocations to real estate and private equity were 10% and 6.6%, respectively; their respective targets are 9% and 7%.
