SBCERS outlines 2021 private real return strategic plan

The US public pension plans to make up to $110m in commitments.

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Institution: Santa Barbara County Employees’ Retirement System
Headquarters: Santa Barbara, United States
AUM: $3.58 billion
Allocation to private real return: 5.35%

Santa Barbara County Employees’ Retirement System intends to commit up to $110 million to private real return, as mentioned during its February 2021 retirement board meeting. The pacing plan was put forth by its investment consultant Hamilton Lane.

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Highlights from SBCERS’s February 2021 retirement board meeting:

  • SBCERS will commit between $90 and $110 million to real return, which includes infrastructure, in order achieve its long-term target allocation of 9 percent.
  • The pension will focus on core existing mangers, while considering new commitments to new managers.
  • In 2020, the pension achieved its pacing target by committing $108.4 million across seven limited partnerships. Four of the commitments were re-ups with existing managers, while three were made to new managers. New manager relationships included I Squared Capital.
  • The pension also aims to seek investments that employ J-curve mitigating strategies.
  • SBCERS expects two existing mangers back in market with funds in 2021: Industrial Infra Fund II, managed by Asterion, and Global Infrastructure Investors IV, managed by KKR.

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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.

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