San Bernardino County Employees Retirement Association
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What they invest in
from 1 of 1 portfolio companiesAI & Machine Learning Γ1Cloud Computing Γ1Cybersecurity Γ1Data & Infrastructure Γ1Developer Tools Γ1Enterprise Software Γ1
Investments Β· 1 tracked
founders shown can be your intro path
Dynatracedynatrace.cominπNYSE: DT
Dynatrace provides a platform for unified observability, security, and business data analytics across clouds and containers.
AI & Machine LearningCloud ComputingCybersecurityData & InfrastructureDeveloper ToolsEnterprise Software
John Van SicleninRick McConnell(Chief Executive Officer and Director)inJim Benson(Executive Vice President, Chief Financial Officer and Treasurer)inDan Zugelder(Executive Vice President, Chief Revenue Officer)inBernd Greifeneder(Executive Vice President, Chief Technology Officer)inStephen McMahon(Executive Vice President, Chief Customer Officer)
Co-investorsGarage CapitalRembrandt Venture PartnersSilver Lake PartnersAccolade PartnersAlaska Permanent Fund Corporation
Exits Β· 1
1 IPOsDynatraceNYSE: DT
Fund commitments Β· as a limited partner Β· 187
as of Jun 2025Private-fund positions this organization discloses in its own public filings and reports β $7.3B committed, $7.5B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| Partners Group MCA | Partners Group | 2004 | $1.1B | $803M | 8.6% | β | 1.52x |
| Pathway Private Equity Fund VII, L.P. | Pathway Capital Management | 2004 | $904.5M | $121.8M | 11.4% | β | 1.95x |
| Pathway SBCERA MCA | Pathway Capital Management | 2014 | $350M | $716.8M | 16.9% | β | 2.43x |
| European Strategic Partners 2004 "B" | Standard Life Investments | 2004 | $241.6M | $187.4K | 4.0% | β | 1.27x |
| Pinnacle Physicals and Financing Master, Ltd. | Pinnacle Natural Resources | 2009 | $205.8M | $408.4M | 8.6% | 1.99x | 0.01x |
| Pinnacle Natural Resources Offshore Ltd. | Pinnacle Natural Resources | 2008 | $185M | $304.2M | 6.4% | 1.64x | 0.00x |
| Kayne SBCERA MLP | Kayne Anderson Capital Advisors | 2017 | $170M | $165.5M | 8.4% | β | 1.50x |
| Adams Street SBCERA 2 | Adams Street Partners | 2023 | $160M | $61.3M | 21.8% | β | 1.27x |
| Adams Street SBCERA | Adams Street Partners | 2020 | $150M | $170.9M | 11.3% | β | 1.38x |
| PRISA II | Prisa | 2007 | $140M | $166.2M | 6.1% | 1.72x | 0.53x |
| American Realty Advisors | American | 1996 | $128M | β | 6.9% | 2.18x | 2.18x |
| Industry Ventures Tech Buyout II, L.P. | Industry Ventures | 2022 | $100M | $41.5M | 9.8% | β | 1.19x |
| Kayne Renewable Opportunities Partners (TE), L.P. | Kayne Anderson Capital Advisors | 2019 | $100M | β | 21.7% | β | 1.35x |
| PRISA III Fund, L.P. | Prudential Capital | 2003 | $100M | $90.7M | 15.3% | 1.72x | 0.82x |
| Hancock Timberland VII, L.P. | Hancock Natural Resource Group | 2005 | $90M | β | 1.0% | 1.12x | 1.12x |
| Industry Ventures Secondary X, L.P. | Industry Ventures | 2024 | $75M | $48.8M | 71.5% | β | 1.63x |
| Partners Group Real Estate Secondary 2017 (USD) A, L.P. | Partners Group | 2017 | $75M | $52M | 2.8% | 1.17x | 0.06x |
| Tennenbaum Waterman Fund, L.P. | BlackRock | 2012 | $70M | $30.5M | 9.4% | β | 1.91x |
| Pramerica Real Estate Capital Partners VII, L.P. | PGIM Real Estate | 2021 | $65.4M | $24.1M | 11.9% | 1.22x | 0.62x |
| Partners Group Real Estate Secondary 2013 (USD) A, L.P. | Partners Group | 2014 | $65M | $16.4M | 3.1% | 1.17x | 0.83x |
| Highstar Capital III, L.P. | Highstar Capital | 2007 | $60M | β | 0.9% | 1.07x | 1.07x |
| Industry Ventures IV Arrowhead, L.P. | Industry Ventures | 2022 | $57.5M | $26M | 7.5% | β | 1.14x |
| Apollo European Principal Finance Fund (Feeder), L.P. | Apollo | 2010 | $55.3M | $83.9K | 12.4% | β | 1.45x |
| Invesco Real Estate Asia Fund | Invesco | 2014 | $51.7M | $54.9M | 3.4% | 1.36x | 0.36x |
| Apollo Real Estate Investment Fund III, L.P. | Apollo | 2015 | $50M | $34.5M | 11.8% | 1.36x | 0.19x |
| Ares Special Situations Fund IV, L.P. | Ares | 2015 | $50M | $35.8M | 7.2% | β | 1.53x |
| Crestline Portfolio Financing Fund, L.P. | Crestline Investors | 2018 | $50M | $5.3M | 8.7% | β | 1.38x |
| Industry Ventures Direct II, LP | Industry Ventures | 2019 | $50M | $63.8M | 8.0% | β | 1.36x |
| Industry Ventures Partnership Holdings VII | Industry Ventures | 2024 | $50M | $6M | 33.2% | β | 1.20x |
| Industry Ventures Secondary IX, L.P. | Industry Ventures | 2020 | $50M | $53.2M | 9.6% | β | 1.30x |
| Industry Ventures Tech Buyout LP | Industry Ventures | 2018 | $50M | $65.3M | 12.4% | β | 1.57x |
| Kayne Anderson CLO Partners Fund II, L.P. | Kayne Anderson Capital Advisors | 2020 | $50M | β | 13.4% | β | 1.18x |
| RREEF North American Infrastructure Fund | Rreef | 2007 | $50M | β | 12.1% | 1.09x | 1.10x |
| Tennenbaum Special Situations Fund IX | BlackRock | 2015 | $50M | $14.5M | 9.2% | β | 1.64x |
| Timbervest Crossover Partners II, L.P. | Timbervest | 2007 | $50M | β | 0.4% | 1.04x | 1.04x |
| Fortress Transportation Infrastructure, LLC | Fortress Investment Group | 2012 | $45.4M | β | -2.0% | 0.92x | 0.92x |
| Kayne SBCERA (D.I.) | Kayne Anderson Capital Advisors | 2018 | $45M | β | 16.2% | β | 1.20x |
| CBRE Strategic Partners U.S. Fund IV, L.P. | CBRE Global Investors | 2005 | $40M | β | -27.8% | 0.07x | 0.07x |
| Hancock Timberland VIII, L.P. | Hancock Natural Resource Group | 2006 | $40M | β | 1.1% | 1.15x | 1.15x |
| Industry Ventures Direct III, L.P. | Industry Ventures | 2022 | $40M | $24M | 5.6% | β | 1.07x |
| Industry Ventures Partnership Holdings VI | Industry Ventures | 2021 | $40M | $30.6M | 7.6% | β | 1.17x |
| TCW Crescent Mezzanine Partners IV | Crescent Capital Group | 2006 | $40M | β | 3.0% | β | 1.14x |
| Tennenbaum Direct Lending Fund VIII, L.P. | BlackRock | 2016 | $40M | $5.9M | 6.2% | β | 1.50x |
| Walton Street Real Estate Fund V, L.P. | Walton St | 2006 | $40M | $537.4K | -3.8% | 0.71x | 0.69x |
| Beacon Capital Strategic Partners IV, L.P. | Beacon Capital | 2006 | $38M | β | -3.3% | 0.83x | 0.83x |
| Fillmore East Fund, L.P. | Fillmore Capital | 2006 | $31.4M | β | -9.8% | 0.66x | 0.66x |
| European Strategic Partners 2008 A | Standard Life Investments | 2010 | $31.1M | $159.4K | 8.1% | β | 1.44x |
| Apollo Accord Fund, LP | Apollo | 2017 | $30M | β | 7.4% | β | 1.11x |
| Domain Environmental Investments II, L.P. | Domain Capital Group | 2008 | $30M | $2.4M | -2.8% | 0.80x | 0.72x |
| KAFRG Investors, LP | Kayne Anderson Capital Advisors | 2020 | $30M | β | 44.8% | β | 1.51x |
| Kayne Anderson Real Estate Debt IV, L.P. | Kayne Anderson Capital Advisors | 2021 | $30M | $16.7M | 11.6% | 1.29x | 0.63x |
| Siguler Guff Distressed Opportunities Fund II, L.P. | Siguler Guff | 2006 | $30M | β | 8.6% | β | 1.42x |
| Starwood Capital Hospitality Fund I-2 | Starwood Capital Group | 2006 | $30M | $2.7M | 0.4% | 1.02x | 0.93x |
| Waterfall Sentinel Co-Investment, L.P. | Waterfall Eden | 2019 | $30M | $3.4M | 28.6% | β | 2.58x |
| Waterfall Sentinel Fund | Waterfall Eden | 2019 | $30M | $13.5M | 14.0% | β | 1.62x |
| North Haven Real Estate Fund V International | Morgan Stanley | 2005 | $27.5M | β | 6.8% | 1.22x | 1.22x |
| Pramerica Real Estate Capital Partners VI, L.P. | PGIM Real Estate | 2016 | $25.9M | $5.3M | -0.7% | 0.98x | 0.79x |
| Prologis Japan Fund | Prologis | 2005 | $25.4M | β | 4.7% | 1.30x | 1.30x |
| Aurora Equity Partners III | Aurora Capital Partners | 2004 | $25M | β | 13.6% | β | 1.67x |
| BlackRock Diamond Property | BlackRock | 2005 | $25M | β | -9.3% | 0.61x | 0.61x |
| BNY Mellon -Alcentra Mezzanine III | BNY Mellon | 2012 | $25M | β | 12.7% | β | 1.15x |
| Industry Ventures Direct, L.P. | Industry Ventures | 2016 | $25M | $31M | 11.3% | β | 1.79x |
| Industry Ventures Partnership Holdings II, L.P. | Industry Ventures | 2012 | $25M | $36.6M | 21.0% | β | 4.38x |
| Industry Ventures Partnership Holdings III | Industry Ventures | 2014 | $25M | $27.6M | 19.9% | β | 3.08x |
| Industry Ventures Partnership Holdings IV | Industry Ventures | 2015 | $25M | $35.4M | 14.2% | β | 2.14x |
| Industry Ventures Partnership Holdings V | Industry Ventures | 2019 | $25M | $39.3M | 12.4% | β | 1.67x |
| Industry Ventures Secondary VII, L.P. | Industry Ventures | 2013 | $25M | $4.2M | 16.0% | β | 1.96x |
| Industry Ventures Secondary VIII, L.P. | Industry Ventures | 2016 | $25M | $13.2M | 21.8% | β | 1.94x |
| Lexington Capital Partners VI-B LP | Lexington Partners | 2005 | $25M | $137.6K | 6.9% | β | 1.43x |
| Lexington Capital Partners VII (Offshore) | Lexington Partners | 2010 | $25M | $515K | 14.3% | β | 1.65x |
| Lexington Middle Market Investors I, L.P. | Lexington Partners | 2005 | $25M | $51.1K | 11.4% | β | 1.64x |
| Oaktree Real Estate Opportunities Fund V, L.P. | Oaktree | 2012 | $25M | $25.8K | 9.4% | 1.37x | 1.55x |
| SL Capital SOF I, L.P. | abrdn plc | 2014 | $25M | $643.7K | 9.3% | β | 1.36x |
| SL Capital SOF II, L.P. | abrdn plc | 2015 | $25M | β | 13.9% | β | 1.58x |
| SL Capital SOF III, L.P. | abrdn plc | 2017 | $25M | $9.8M | 18.2% | β | 1.97x |
| STARWOOD GLOBAL OPPORTUNITY FUND VII-A, L.P. | Starwood Capital Group | β | $25M | $476.5K | -2.4% | 0.80x | 0.78x |
| Tri Continental Capital VII | Tri Continental Capital | 2009 | $23M | $39.6K | -13.9% | 0.17x | 0.16x |
| Apollo U.S. Real Estate Fund II, L.P. | Apollo | 2015 | $20M | $10.5M | 4.8% | 1.26x | 0.66x |
| Aurora Equity Partners IV, L.P. | Aurora Capital Partners | 2012 | $20M | $485.4K | 18.2% | β | 2.06x |
| Bryanston Real Estate Opportunity Fund II, L.P. | Bryanston Realty Partners | 2009 | $20M | β | 10.2% | 1.38x | 1.38x |
| Bryanston Retail Opportunity Fund, L.P. | Bryanston Realty Partners | 2004 | $20M | β | 53.0% | 2.78x | 2.78x |
| Drug Royalty II, L.P. 1 | Drug Royalty | 2009 | $20M | β | 19.6% | β | 1.33x |
| Energy Spectrum Partners VI, L.P. | Energy Spectrum Capital | 2010 | $20M | $333.3K | 5.8% | β | 1.23x |
| Fillmore West Fund, L.P. | Fillmore Capital | 2008 | $20M | β | 1.1% | 1.08x | 1.08x |
| Guggenheim Structured Real Estate III, L.P. | Guggenheim Partners | 2008 | $20M | β | -5.0% | 0.82x | 0.82x |
| Industry Ventures Fund VI, L.P. | Industry Ventures | 2011 | $20M | $78.3K | 8.0% | β | 1.37x |
| Invesco Asian Real Estate Partners II, L.P. | Invesco | 2007 | $20M | β | 7.5% | 1.36x | 1.36x |
| Invesco High Yield Debt Fund I, L.P. | Invesco | 2007 | $20M | β | -35.6% | 0.43x | 0.43x |
| Kayne Anderson Real Estate Debt III, L.P. | Kayne Anderson Capital Advisors | 2018 | $20M | β | 11.2% | 1.27x | 1.27x |
| Kayne Anderson Real Estate Partners V, L.P. | Kayne Anderson Capital Advisors | 2017 | $20M | $13.6M | 10.2% | 1.47x | 0.77x |
| Kayne Anderson Real Estate Partners VI | Kayne Anderson Capital Advisors | 2021 | $20M | $24.6M | 21.2% | 1.46x | 0.05x |
| Kayne Partners Fund IV (QP), LP | Kayne Anderson Capital Advisors | 2017 | $20M | $21.1M | 20.7% | β | 2.31x |
| Kayne Private Energy Income Fund II, L.P. | Kayne Anderson Capital Advisors | 2018 | $20M | $15.1M | 35.6% | β | 2.70x |
| Kayne Solutions Fund, L.P. | Kayne Anderson Capital Advisors | 2018 | $20M | β | 9.1% | β | 1.10x |
| LaSalle Income & Growth Fund IV, L.P. | LaSalle | 2005 | $20M | β | -5.5% | 0.69x | 0.69x |
| Lexington Middle Market Investors II, L.P. | Lexington Partners | 2008 | $20M | $174.7K | 14.1% | β | 1.81x |
| Neuberger Berman Secondary Opportunities Fund II, L.P. | Neuberger Berman | 2008 | $20M | β | 14.4% | β | 1.54x |
| Neuberger Berman Secondary Opportunities Fund, L.P. | Neuberger Berman | 2005 | $20M | β | 6.5% | β | 1.32x |
| RREEF America REIT III | Rreef | 2004 | $20M | β | 3.0% | 1.15x | 1.15x |
| Square Mile Partners III, L.P. | Square Mile Capital Management | 2008 | $20M | β | 11.5% | 1.46x | 1.46x |
Largest 100 of 187 disclosed positions. Source: the organization's public disclosures. TVPI = total value / paid-in; DPI = distributions / paid-in.
IPO stake values Β· per SEC filings
Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.
| Company | Owned | IPO price | At IPO | Stake value |
|---|---|---|---|---|
| Dynatrace | β | $35.00 | Jun 2020 | $5.7M |
Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned Γ the initial public offering price, as disclosed β a market value at IPO, not a return multiple (the firm's original cost is not disclosed).
Media Β· Podcasts & interviews
from their channelWe Are SBCERA: Dan Munsey & Jim Grigoli
SBCERA
Invested In Your Future (2026)
SBCERA
We Are SBCERA: Christina Cintron
SBCERA
We Are SBCERA: Tim Watkins
SBCERA
Employer Reporting Initiative Launch Webinar Recording
SBCERA
EmployerDirect: Creating an Excel Export File
SBCERA
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