Santa Barbara County Employees to redeem out of select core open-ended funds

Santa Barbara County Employees’ Retirement System (SBCERS) is considering redeeming out of selected open-ended core funds and reinvesting proceeds in new core opportunities, according to recent board meeting minutes.

The pension fund liquidated 16 percent of Harrison Street Core Property for $1.1 million in July 2020 and $1.6 million in October 2020. The remaining balance of $14.5 million was liquidated in April 2021.

The original commitment was $10 million.

SBCERS also liquidated 100 percent of Abacus Core Income Fund I for $11.9 million in January 2021. It is planning to evaluate and consider ending the dividend reinvestment program in certain core funds.

SBCERS said it has also reduced its retail exposure in order to hedge against the decline that is currently plaguing the sector. As a result, SBCERS has no re