The $4.4 billion San Bernardino County Employees¹ Retirement Association
(SBCERA) has beefed up its portfolio with three new investments, confirmed Don Pierce, investment officer at the plan.
The board gave the green light to an allocation of $50 million to Declaration Management & Research's Term ABS Loan Facility and ABS fund.
The board approved an allocation of €40 million, plus €20 million in co-investment to Apollo¹s European Principal Finance Fund. Pierce said the source of funding for the investments would come from SBCERA¹s private equity allocation, which currently stands at 16.6%, but has a target allocation of 16%.
The California plan also made an international credit investment via Oaktree Capital Management¹s international convertible bond strategy, which received a commitment of $50 million. Pierce said SBCERA has a 5% allocation to the asset class.
NEPC is SBCERA¹s investment consultant.