SBCERA allocates $10m to energy fund

by Jody Barhanovich

The $8.1 billion San Bernardino County (Calif.) Employees’ Retirement Association approved a recommendation to commit $10 million to Kayne Anderson Energy Fund VII at its Feb. 14 investment board meeting, according to spokesman Adam Sands. The recommendation is scheduled to go before the full retirement board for a vote at the pension fund’s next meeting March 2.

Kayne Anderson Energy Fund VIIfocuses on high-growth exploration and production, midstream, and mineral and royalty interest companies in North America. Kayne Anderson targets high-quality management teams on the verge of undertaking significant transactions or projects.The fund has received commitments from the $62 billion State of Michigan Retirement Systems and the $2.7 billion San Antonio Fire & Pension Fund.

Fund VII’s capital will be used by the portfolio companies to increase production levels, cash flows and asset values, to acquire assets, or to fund specific projects. Investment commitments are typically funded over time as Kayne Anderson works with the management teams to implement their business strategies.

The fund’s predecessor, Kayne Anderson Energy Fund VI, closed in 2013 with $1.6 billion in equity commitments. The fund’s investment approach is to partner with successful management teams and identify oil and gas properties that can be proved up at attractive economics while managing risk.

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