Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Goleta, US
AUM: $3.91 billion
Allocation to alternatives: 28.75%
The commitments comprised an additional $20 million to Lubert-Adler Workforce Housing Fund and $15 million to High Street Real Estate Fund VII. Both commitments were made to the pension’s existing managers.
SBCERS also plans to reinvest proceeds from its liquidated core funds into a core strategy which would provide stable income for its portfolio. The pension is on course to achieve its targeted commitments of $60 million in 2021. The strategic plan was previously reported by PERE.
As illustrated below, SBCERS’ recent commitments have been made to funds that focus on value-add strategies in North America. The pension currently allocates 8.38 percent of its full investment portfolio to private real estate.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.