Alameda County Plan Plots PE Foray

May 5, 2008

The Alameda County Employees' Retirement Association (ACERA) will carve out a first-time allocation to private equity by pulling back on domestic equity, fixed-income and real estate investments, according to a new asset allocation mix adopted by the $5.2 billion California retirement plan. The new targets call for a 10% allocation to private equity and alternative investments, while decreasing the fund's U.S. equity stake to 37%-down 4% from a 41% target-its fixed-income portfolio down 4% to 24%, and pulling back on real estate by 3% to hit a 6% target. No word yet on whether the plan will hire external consultants or new fund managers to manage the alternative investments portfolio. Officials at ACERA could not be reached for comment at press time.

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