Category: Investments

At its meeting on January 24, 2023, the Board of Retirement approved the implementation of a dynamic currency hedge program with Record Currency Management Limited.

The Board also approved a $20 million commitment to KSL Capital Partners VI LP, as part of SamCERA’s Infrastructure portfolio within Private Real Assets.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on February 28, 2023, the Board approved a new asset allocation policy. The changes include a 2% increase to Growth assets, a 1% reduction in Diversifying assets and a 1% reduction in Inflation Hedge assets. The new policy has a target allocation of 59% to Growth assets, 18.5% to Diversifying assets, 17% to Inflation Hedge assets and 5.5% to Liquidity assets.

The Board of Retirement then approved a re-up commitment of $10 million to Eclipse Fund V L.P., as part of SamCERA’s Venture Capital portfolio within Private Equity.

The Board also approved a re-up commitment of $30 million to Clayton Dubilier & Rice XII L.P., as part of SamCERA’s Buyout portfolio within Private Equity.

Lastly, the Board also approved a re-up commitment of $30 million to Stockbridge Value Fund V L.P., as part of SamCERA’s Value-Add portfolio within Real Estate.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on March 28, 2023, it was reported that SamCERA made a $20 million re-up capital commitment to Genstar Capital Partners XI, LP, as part of SamCERA’s Buyout portfolio within Private Equity.

No board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on April 25, 2023, the Board of Retirement approved a re-up commitment of $25 million to LS Power Equity Partners V L.P., as part of SamCERA’s Infrastructure portfolio within Private Real Assets.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on May 23, 2023, the Board of Retirement selected NISA to manage a passive long duration Treasury account totaling 3% of plan assets (or approximately $177 million).

The Board also approved a $60 million investment to One Williams Street Capital Partners Fund, as part of SamCERA’s opportunistic credit portfolio within the Growth category.

Lastly, the board approved a commitment of $20 million to MGG Structured Solutions Fund II L.P., as part of SamCERA’s Debt-Related/Special Situations portfolio within Private Equity under the Growth category.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on August 23, 2022, the Board of Retirement approved a $15 million commitment to Angelo Gordon CSF2A (Annex) Dislocation Fund LP, as part of SamCERA’s growth risk-bucket within opportunistic credit (fixed income asset class).

Pursuant to Government Code Section 54957/1(a)(7), it was also reported that the Board, during closed session at its April 28, 2022 meeting, authorized the sale of SamCERA’s interests in three funds — Angeles Equity Partners I L.P., JLL Partners Fund VII L.P., and New Enterprise Associates 14 L.P. – in the secondary marketplace if certain parameters were satisfied. If was further announced that the investment transaction had closed. Section 54957.1(a)(7) provides for the reporting of the approval of sales or purchases of investments at the first open meeting following the closing of such transactions.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on February 22, 2022, the Board of Retirement approved a $25 million re-up commitment to Altas Partners Holdings III LP, as part of SamCERA’s Buyout portfolio within Private Equity.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on April 27, 2021, the Board of Retirement approved a $50 million capital commitment to Invesco Real Estate U.S. Fund VI L.P., as part of SamCERA’s real estate portfolio.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter. 

At its meeting on May 25, 2021, the Board of Retirement approved a $15 million capital commitment to ABRY Senior Equity VI, LP, as part of SamCERA’s Debt-Related/Special Situations portfolio within Private Equity.

No further board action was taken related to SamCERA’s investment commitments or hires.

More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter.