Santa Barbara County ERS Commits $40M to Alternatives

At the February 28 Meeting, the Santa Barbara County Employees’ Retirement System approved commitments totaling $40 million to alternatives.

$10 million was committed to Lone Star Real Estate Fund VII.

In real assets, $10 million was committed to Tiverton AgriFinance, a natural resources focused fund, and $10 million was committed to HitecVision New Energy Fund II, an infrastructure strategy.

Within private equity, $10 million was committed to Platinum Equity Small Cap Fund II, a private equity fund focused on buyouts.

Investment consultant consultant Hamilton Lane assisted with the commitments.

As of December 31, 2023, the $4.24 billion Retirement System has a target allocation to real estate of 10% and actual allocation of 10.9%. The target allocation for private equity is 10% and actual allocation of 13.5%. And the Real Return composite had 14.1% of the total fund’s allocation with a target of 15%.

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