The Contra Costa County Employees’ Retirement Association in Concord, Calif., added four private equity buyout-focused funds to its portfolio, according to a memo shared at trustees’ August meeting.
CIO Timothy Price offered the details in a memo on the private equity portfolio for the trustees of the $11.3 billion retirement fund. In total, he detailed $239 million in commitments to new strategies, which were mostly European-focused.
The first allocation of €65 million ($72 million) was to Altor Equity Partners’ latest climate transition strategy – Altor Climate Transition Fund I. The new strategy of the Stockholm-based firm will target businesses in the Nordics and Germany, Austria and Switzerland regions with a focus on climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems.
Arbor Investments received a $50 million commitment to its latest fund, Arbor Investments Fund VI. The Chicago PE firm invests in control buyouts in North America in the food and beverage industry. Arbor targets control transactions in four primary 2 areas – private label products, foodservice, branded products and flavor and ingredients, as well as complementary food-related/non-consumables. Arbor will also seek opportunities in complex transactions in carve outs, take-privates, and investments in family/founder owned companies, according to the memo.
Paris-based firm BlackFin Capital Partners saw a €55 million ($61 million) commitment to its BlackFin Financial Services Fund IV. The fund targets controls transactions in asset-light financial services businesses across three targeted sub sectors – banking services; asset and wealth management services; and insurance services. The strategy eyes companies that are scalable and operate within business to business or business to consumer models.
Castik Capital saw a €50 million ($56 million) commitment to its Castik Capital EPIC III. The Munich-based manager targets control buyouts in European middle-market businesses, primarily in Northern Europe and to a limited degree in North America. Castik’s sector focus spans technology-enabled business services, software/internet platforms, specialist healthcare, and industrial technology and automation.
