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SBCERA’s private equity 2022 pacing plan

The US public pension plans to commit $700m to PE vehicles this year.

Institution: San Bernardino County Employees’ Retirement Association (SBCERA)
Headquarters: San Bernardino, United States
AUM: $14.11 billion
Allocation to private equity: 17.6%

San Bernardino County Employees’ Retirement Association (SBCERA) approved its 2022 private equity pacing plan at its January 2022 board meeting, a contact at the pension confirmed to Private Equity International.

Highlights from SBCERA’s January 2022 board meeting:

  • The recommendation, put forth by its investment consultant NEPC, suggests the pension fund is set to make commitments of $700 million to private equity in 2022 while maintaining the target allocation.
  • Currently, the private equity portfolio net asset value is approximately $2.5 billion – about 18 percent of the total portfolio, which is within the policy range. The target allocation is 18 percent with a range of between 6 percent and 21 percent.
  • The pension anticipates it will commit $600 million to $700 million per year over the next two to three years, given the current inputs.
  • SBCERA’s $700 million target will allow it to maintain target exposure while continuing to invest in private assets across all the sub-strategies, including but not limited to distressed debt, direct lending, mezzanine debt, equity buyout, growth equity and venture capital, which are strategies with stronger early distribution characteristics.

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