Category: Investments

At its meeting on June 4, 2019, the Board of Retirement approved a re-up commitment of $20 million to Great Hill Equity Partners VII, LP, as part of SamCERA’s private equity portfolio.

The Board also approved a commitment of $10 million to Altas Partners Holdings II, LP, as part of SamCERA’s private equity portfolio. 

Lastly, the Board of Retirement approved a re-up commitment of $35 million to BlackRock Direct Lending Fund IX, LLC, as part of SamCERA’s opportunistic credit portfolio within fixed income.

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 24, 2020, 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 special meeting on April 6, 2020, the Board of Retirement approved a $25 million capital commitment to Angelo Gordon (AG) Credit Solutions Fund Annex Dislocation Fund, L.P., as part of SamCERA’s opportunistic credit 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 August 28, 2018, the Board of Retirement approved a $20 million capital commitment to ABRY Advanced Securities Fund IV, L.P., as part of SamCERA’s private equity portfolio.

The Board of Retirement also approved the implementation of a passive 50% developed market currency hedge utilizing SamCERA’s current cash overlay manager, Parametric, and allocating in 10% quarterly tranches.

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. 

SamCERA’s Board of Retirement has instructed its actuary, Milliman, to use 7.0% as the long-term investment return assumption to perform its annual valuation of the retirement fund for the fiscal year ended June 30, 2016. This is a reduction from the previous assumption of 7.25%.

The investment assumption, also called the “assumed earnings rate,” is the long-term annualized average return over a 30-year period that the retirement fund is projected to earn through its investments in stocks, bonds, real estate, and other segments of its portfolio.

Both SamCERA’s actuary and investment consultant do not anticipate SamCERA’s portfolio to earn above 7.0% in the near-term, but on a longer horizon both project exceeding the assumed rate of return.  SamCERA will be the fourth retirement system of the 20 established by California’s County Employees Retirement Law (CERL) to set its assumed rate at 7.0%. 

In the coming years, lowering the rate will add to the financial strength and stability of the retirement fund by mitigating the effects of future returns that are lower than current expectations. 

Lowering the assumed earnings rate to 7.0% will result in an estimated increase in employer contributions of less than 2.3%.

Lowering the rate is also expected to increase member contribution rates. Most increases will be less than one-half of 1%.

The Board of Retirement adopted the new investment return assumption at its June 7, 2016, meeting. The new rate becomes effective with the June 30, 2016, actuarial valuation.

At its meeting on July 27, 2016, the Board of Retirement approved the hire of Quantitative Management Associates (QMA) for a Small-Cap Core mandate with an initial investment of $110 million.

The Board also approved the shift of SamCERA’s current commodity exposure (approximately $85-90 million) to a new custom liquid real asset strategy managed by State Street Global Advisors (SSGA).

Additionally, the Board approved a $10 million capital commitment to Angeles Equity Partners I, L.P., as part of SamCERA’s allocation to 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 August 23, 2016, the Board of Retirement approved a $10 million capital commitment to Taurus Mining Finance Fund Annex, as part of SamCERA’s allocation to 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 September 27, 2016, 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 October 25, 2016, no board action was taken related to specific SamCERA 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 December 6, 2016, the Board of Retirement approved up to a $10 million capital commitment to ABRY Senior Equity V, and a $20 million capital commitment to Great Hill Partners VI, as part of SamCERA’s allocation to private equity.

The Board also directed staff to begin implementation of a new asset allocation policy per the recently concluded asset liability study.  The new policy has a 9% reduction to growth assets, a 3% increase to diversifying assets, and a 6% increase to inflation hedge assets. 

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.