The Alameda County Employees’ Retirement Association’s (ACERA) board of retirement approved a 2014-2015 investment plan that projects $30 million in commitments to debt-related/special situations private equity at its meeting last week, according to documents released to Private Debt Investor.
The debt-related/special situations commitments will come from ACERA’s PEARLS allocation, which also includes buyout, venture capital, absolute return and alternative strategies. The 2014-2015 investment plan projects $257.5 million in PEARLS commitments for 2014. The $6.5 billion retirement association will likely distribute those commitments across four to eight investment funds, according to the plan.
The investment plan projects debt-related/special situations commitments to fall to $25 million in 2015 and 2016. Projected overall PEARLS commitments also decline to $237.5 million and $190.5 million, respectively.
ACERA'S PROJECTED COMMITMENTS
| 2014 | 2015 | 2016 | |
| Venture Capital | $7.5m | $7.5m | $15m |
| Buyouts | $85m | $85m | $70m |
| Debt-related/Special Situations | $30m | $25m | $25m |
| Absolute Return | $45m | $30m | NA |
| Other Alternatives | $90m | $90m | $80.5m |
| Total | $257.5m | $237.5m | $190.5m |
| Source: ACERA | |||
ACERA had a 6.57 percent allocation to private equity and alternatives as of 31 October, according to its website. The retirement association has a 15 percent target allocation to the asset class. Within PEARLS, ACERA set a 1.5 percent long term sub-allocation to debt-related private equity, according to its 2014-2015 investment plan.
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