Return to search

SBCERS outlines 2021 private equity pacing plan

The US public pension aims to maintain its target allocation of 10% to the asset class.

Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Santa Barbara, United States
AUM: $3.58 billion
Allocation to private equity: 10.3%

Santa Barbara County Employees’ Retirement System revealed its private equity commitment pacing plan at its February 2021 retirement board meeting. The pacing plan was put forth by its discretionary consultant Hamilton Lane, whose contract was recently renewed, as previously reported by sister publication Private Equity International.

_____________________________________________________________________

Highlights from SBCERS’s February 2021 retirement board meeting:

  • SBCERS will commit between $75 and $85 million to private equity in order maintain its target allocation of 10 percent.
  • The pension will focus on existing mangers while considering new commitments to small-to-mid-cap buyout and growth strategies primarily in North America. Exposure to Europe will also be considered.
  • In 2020, the pension achieved its pacing target by committing $81 million across eight limited partnerships, of which four were re-ups with existing managers.
  • As of 30 September 2020, the pension had committed approximately $729 million to 81 partnerships across 35 general partners. Its since-inception IRR is 12.67 percent, which is 28 basis points above its benchmark.
  • The pension plans to present board education on co-investments.

_____________________________________________________________________

SBCER’s assistant CEO, investments and finance is Lauren Thompson. According to her LinkedIn profile, Thompson joined the pension as an investment analyst in February 2014. Prior to joining, she worked as a manager research analyst at RVK.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.