Santa Barbara County (Calif.) Employees' Retirement System disclosed new real estate commitments totaling $30 million.
The $4.1 billion pension fund's discretionary real estate consultant, Hamilton Lane, disclosed the commitments in a presentation included with materials for its upcoming Dec. 13 meeting.
The commitments, completed between Sept. 28 and Oct. 30, were $10 million each to debt fund KSL Capital Partners Credit Opportunities Fund IV; NW1 IOS REIT, a value-added fund managed by NW1 Partners; and Stockbridge Value Fund V, a diversified U.S. real estate fund managed by Stockbridge Capital Group.
KSL Capital Partners and NW1 Partners are new managers for the pension fund. SBCERS previously committed $7.5 million to Stockbridge Value Fund III in 2018.
As of Sept. 30, the pension fund's actual allocation to real estate was 11.5%; the target is 10%.
