Santa Barbara County (Calif.) Employees' Retirement System (SBCERS) has added three infrastructure commitments to bring it in line with its goal of investing between $80 million and $100 million for its private real return portfolio (PRR) in 2022.
Three commitments to Blackstone Energy Partners Fund IV, Novacap Digital Infrastructure I and Brookfield Infrastructure Fund V were made in recent months, joining previous commitments to Blue Road Capital and Tiger Infrastructure Partners funds. All of the commitments were for $15 million each.
As of June 30, 2022, SBCERS’ PRR portfolio — which includes infrastructure — had a market value of $380.6 million, according to a December performance update. SBCERS contributed $36.3 million to its private real return portfolio and received cash distributions of $34.6 million in the second quarter of the year. SBCERS’ total commitment to PRR, as of June 30, was $631.3 million — of which $276.7 million has yet to be funded.