# Santa Barbara County Employees' Retirement System

Santa Barbara County Employees' Retirement System is a Pension Fund based in Santa Barbara, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Santa Barbara, United States
- **Region:** North America
- **Address:** 130 Robin Hill Road, Suite 100, Goleta, CA 93117, United States
- **Founded:** 1944
- **Assets under management:** Undisclosed
- **Website:** sbcers.org

## About

The Santa Barbara County Employees' Retirement System was founded in 1944 to deliver pension and health benefits to county workers. Gregory Levin serves as administrator and CEO while Rebecca Valdez holds the chief investment officer role. SBCERS deploys capital across private equity, real estate and infrastructure. Confirmed holdings include commitments to Kayne Anderson Real Estate Partners VII, Stonepeak Real Estate Partners, Hillwood US Industrial Club VII and Sterling Group Partners VI. Additional positions cover Bridgepoint Development Capital V, Platinum Equity Capital Partners VII and KKR Global Infrastructure Investors funds. Allocations span North America and Europe with a 10 percent target to real assets. The fund reported a total net position of $4.5 billion as of June 30, 2024. It maintains a single headquarters in Goleta and participates in SACRS and CALAPRS networks. May 2024 board meetings addressed private equity pacing and real estate performance. Hamilton Lane has served as specialty consultant since 2006 and RVK as general investment advisor since 2016. SBCERS operates under a board of retirement structure with elected and ex-officio members. Investment decisions follow an external manager model supplemented by direct fund commitments rather than internal deal origination.

## Sectors

- Infrastructure
- Private Equity
- Real Estate

## People

- Gregory Levin — CEO
- Rebecca Valdez — CIO
- Michael Daly — Chair
- Harry Hagen — Vice Chair
- Dustin Dodgin — Secretary

## Questions

### Who runs investment decisions at Santa Barbara County Employees' Retirement System?

Rebecca Valdez serves as CIO. The board of retirement, chaired by Michael Daly, approves commitments. External consultants Hamilton Lane and RVK provide recommendations.

### Does Santa Barbara County Employees' Retirement System participate in fund commitments or only direct deals?

The fund invests primarily through limited partnership commitments to private equity, real estate and infrastructure vehicles. No direct deal program is disclosed.

### What investment stages does Santa Barbara County Employees' Retirement System typically target?

SBCERS targets buyout, growth, secondaries and co-investment strategies through its fund commitments. Holdings include both established and value-add real estate vehicles.

### What is Santa Barbara County Employees' Retirement System's known posture on co-investments alongside external GPs?

The fund lists co-investment as an approved strategy. Specific co-investment activity alongside GPs is not detailed in current records.

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Last updated: 2026-06-03T20:00:00.000Z

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