Firms & Funds

Alameda County commits $60 mln to Great Hill Equity VII

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Alameda County Employees’ Retirement Association, Genstar Capital Partners, private equity, venture capital, pension fund, California
An aerial view of downtown Oakland, California, on Oct. 5, 2017. Reuters/Stephen Lam
  • AUM: $8.1 billion
  • PE Target: 9 pct
  • PE Actual: 6.3 pct
  • Contact: Betsy Tse, chief investment officer, at allinvestments@acera.org

Alameda County Employees’ Retirement Association backed Great Hill Partners’ latest flagship, the minutes of the pension’s May 15 meeting show.

ACERA approved a $60 million commitment to Great Hill Equity Partners VII, which focuses on expanding, recapitalizing or acquiring mid-market growth companies. It targets sectors like business and consumer services, healthcare, media, communications and software.

Great Hill Partners did not respond to Buyouts request for comment on target information on the fund. The firm closed Fund VI on $1.5 billion in 2017, according to a statement at the time.

The system must make more than $400 million in PE commitments by 2022 for it to reach its 9 percent target allocation, according to its adviser, Verus Advisory, Buyouts reported.

As of March 31, 2019, PE makes up 6.3 percent of the entire fund, or $514 million.