Alameda County projects $30m for debt

The commitments to debt/special situations will come from the retirement association’s private equity and alternatives allocation. 

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.


  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.