Santa Barbara County (Calif.) Employees' Retirement System disclosed new private equity, real estate and real-return commitments totaling $40 million.
Hamilton Lane, the $4.2 billion pension fund's discretionary private equity, real estate and real-return consultant, disclosed the commitments in presentations included with materials for its upcoming Feb. 28 board meeting.
The commitments, completed between June 30 and Feb. 9, were $10 million each to HitecVision New Energy Fund II, a real assets fund focused on investing in energy transition primarily in the Nordic region, with some exposure to the rest of Europe; Lone Star Real Estate Fund VII, an opportunistic real estate fund managed by Lone Star Funds; Platinum Equity Small Cap Fund II, a lower-middle-market buyout fund managed by Platinum Equity Advisors that invests in North America and Europe; and Tiverton AgriFinance III, a direct lending agriculture fund managed by Tiverton Advisors.
SBCERS previously committed $15 million to HitecVision North Sea Opportunity Fund in 2020, $10 million to Platinum Equity Capital Partners VI in 2022 and $15 million to Tiverton AgriFinance II in 2020. Lone Star Funds is a new manager for the pension fund.
As of Jan. 31, the actual allocations to real return, private equity and real estate were 14.2%, 13.5% and 10.9%; their respective targets are 15%, 10% and 10%.
