Santa Barbara County (Calif.) Employees' Retirement System disclosed new private equity, real estate and real-return commitments totaling $40 million.
Hamilton Lane, the $4.3 billion pension fund's discretionary private equity, real estate and real-return consultant, disclosed the commitments in presentations included with materials for its upcoming May 22 board meeting.
The commitments, completed between March 1 and May 1, were $10 million each to Bridgepoint Development Capital V, a European middle-market buyout fund managed by Bridgepoint Capital; Lubert-Adler Workforce Housing Fund II, a value-added real estate fund managed by Lubert-Adler Partners; middle-market buyout fund Sterling Group Partners VI; and Tiverton Ag Legacy Holdings II, a natural resources fund managed by Tiverton Advisors.
SBCERS previously committed $10 million to Bridgepoint Development Capital IV in 2021, $30 million to Lubert-Adler Workforce Housing Fund in 2020, $10 million to Sterling Group Partners V in 2021 and $10 million to Tiverton AgriFinance III in 2023.
As of April 30, the actual allocations to private real return, private equity and real estate were 14.4%, 13.5% and 10.6%, respectively; their respective targets are 15%, 10% and 10%.
