SBCERS outlines 2021 private real return strategic plan

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

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.


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.


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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