TCERA hikes private equity target allocation

The US public pension increases its target allocation to 12%.

Institution: Tulare County Employees Retirement Association
Headquarters: Visalia, US
AUM: $1.97 billion
Allocation to alternatives: 19.8%

Tulare County Employees Retirement Association has approved a recommendation to increase its target allocation to private equity at its August retirement board meeting, a contact at the pension confirmed to Private Equity International.

The recommendation was put forth by the pension’s investment consultant, Verus Advisory whose contract was recently renewed. The pension chose to continue its relationship with the investment consultant after completing its RFP process earlier this year.

TCERA plans to increase its target allocation from 5 percent to 12 percent. According to board documents, the pension would need to commit between $80 million to $90 million in commitments over the next decade in order to achieve its target allocation.

As illustrated below, TCERA currently allocates 5.5 percent of its investment portfolio to private equity. The pension’s retirement administrator is Leanne Malison.

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