San Diego Pension To Adjust Private Equity Portfolio

Feb 11 2010 | 8:01am ET

The San Diego County Retirement Association was busy last week tweaking its alternative investments strategy.

The $7 billion public pension fund is working on a new private equity allocation strategy. SDCERA plans to increase its investments in distressed and intellectual property funds following an asset-liability study, the pension’s investment officer, Yagen Chen, told its board.

Neither mandates—nor the termination of existing mandates—are planned at the moment. But SDCERA’s board did make one commitment and ended another at the meeting.

The California pension will invest $25 million with private equity firm Atlantic-Pacific Capital’s Drug Royalty II fund, which is to invest in royalty streams from pharmaceutical companies, as well as other related assets.

SDCERA also voted to redeem its $43 million investment in a multi-strategy fund managed by UBS O’Connor. The decision does not affect a separate $22 million investment in a market-neutral long/short fund managed by the same firm.

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