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The $388bn pension fund will need to expand its core managers list and SMAs to reach its target allocation, consultant Meketa told the pension's board on Monday.
LACERS
The pension system will also consider commitments to strategies designed to outperform in down markets, investment committee meeting documents show.
Illinois Municipal's Dhvani Shah
Private equity must outperform all other strategies for the pension plan to reach its assumed rate of return, says chief investment officer Dhvani Shah.
CPPIB's new SF office
San Francisco will be the Canadian giant's second US location, where it expects its on-ground-presence in the technology ecosystem to help various initiatives.
The pension system is in the process of expanding the direct investment portion of its private equity portfolio from 26% to 35%.
Gary Bruebaker steered the pension system through the financial crisis to build out a robust private equity programme.
PSERS
The pension system’s private equity portfolio has been criticised for its cost and number of manager relationships.
The firm has been co-investing with large institutions and raising capital on a deal-by-deal basis in private equity in the US until now.
Alaska Permanent Fund’s co-investment programme has consistently outperformed its fund portfolio.
Employees’ Retirement System of Texas and Teachers’ Retirement System of Louisiana are already over-allocated to private equity.
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