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Sacramento County Employees allocates $55 million to 2 funds

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Sacramento County (Calif.) Employees’ Retirement System disclosed two new commitments totaling $55 million.

The $12.9 billion pension fund committed $30 million to middle-market buyout fund Gridiron Capital Fund V and $25 million to OrbiMed Private Investments IX, a venture capital fund managed by OrbiMed Advisors, according to an April transaction report included with the pension fund’s upcoming May 18 board meeting materials.

The pension fund previously committed $30 million to Gridiron Capital Fund IV in 2019 and $15 million to OrbidMed Private Investments VIII in 2020.

As of March 31, the pension fund’s actual allocation to private equity was 10.1%; the target is 9%.

Steve Davis, chief investment officer, could not be immediately reached for further information.