Santa Barbara commits $50 mln to energy, buyouts

Two of Santa Barbara County’s commitments, totaling $17.5 million, went to energy funds managed by The Blackstone Group and Energy Capital Partners, according to the report. Energy Capital Partners III closed on $5.05 billion in April. Blackstone’s second dedicated energy fund, targeting $4 billion, is scheduled to hold a final close in early 2015.

“We’re trying to diversify our portfolio, and as you know, energy is an important part of the portfolio,” retirement system Investment Officer Eli Martinez said.

In addition to its commitments to Energy Capital Partners and Blackstone, Santa Barbara County also committed to vehicles managed by Hamilton Lane, Hellman & Friedman, Roark Capital Group and SSG Capital Management.

The $2.5 billion retirement system planned to commit $60 million to private equity and venture capital this year, according to the report. Santa Barbara County will set its 2015 allocation in January, Martinez said.

Martinez referred additional questions about the portfolio to Hamilton Lane, which manages the private equity and venture capital portfolio on behalf of the retirement system. A Hamilton Lane spokeswoman did not respond to a request for comment by press time.

Santa Barbara County valued its portfolio at $169.2 million as of June 30, according to the report. The portfolio has generated a 12.94 percent IRR and 1.35x multiple since inception.