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
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.