MCERA outlines PE pacing info

The San Rafael-based public pension fund has revealed its private equity pacing plan.

Institution: Marin County Employees’ Retirement Association
Headquarters: San Rafael, US
AUM: $3.03 billion
Allocation to private equity: 13.67%

Marin County Employees’ Retirement Association has revealed its private equity pacing information, according to materials from their September investment committee meeting.

Highlights from Marin County’s Employees’ Retirement Association’s September 2022 investment committee meeting:

  • The plan achieved its 8 percent private equity target in 2016, and is now over its 12 percent target range at 13.7 percent.
  • The last 12-months provided strong liquidity from the private portfolio, with distributions being 4x the amount paid in due to a falling level of uncalled capital.
  • MCERA back-log of uncalled capital should be bolstered in order to support the 8 percent target longer-term.
  • The pacing model indicates new commitments for 2023 totaling $60 million are appropriate.
  • The $50 million of commitments made in 2021 are largely deployed so the new commitment will also ensure continued vintage year diversification for MCERA’s portfolio.

MCERA have a long standing relationship with Abbott Capital Management and Pathway Capital Management. As of June 2022, the pension fund has committed capital to five funds from each GP.

Jeff Wickman joined MCERA as retirement administrator in August 2010. As administrator, he works closely with the retirement board on administrative, financial and investment matters, and is responsible for translating board policy into action.

Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.