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SBCERA expands relationship with Partners Group

The pension fund’s investment board has agreed to add private debt and infrastructure to its separate account, now encompassing the firm’s entire private markets platform.

The San Bernardino County Employees’ Retirement Association’s investment committee has approved the addition of infrastructure and private debt investments to its separate account with Partners Group, according to a recommendation made to the board last week.

The master custody account (MCA) will now be comprised of all investments across the firm’s global multi-asset class platform, including direct, primary and secondaries in infrastructure and private debt as well as in private equity and private real estate.

SBCERA initiated the relationship with Partners Group in 2013 and had previously invested in various Partners Group funds.

The MCA initially included only private equity, to which private real estate was added in July 2014.

“The practical effect of this change is to expressly permit investments through the MCA in private debt and private infrastructure when attractive and otherwise within SBCERA’s existing investment policies,” Laura Vossman, senior investment officer at SBCERA, wrote in the recommendation.

The total allocation size, which was increased from $120 million in July 2014, will remain the same at $195 million and no more than 50 percent of that allocation will be targeted toward secondaries investments.

SBCERA’s full board is set to review and approve the expansion at its meeting on 3 September.

Partners Group has about $46 billion of assets under management.