SJ PFRP reveals private debt pacing plan

The US pension fund revealed their 2023/24 private debt pacing plan.

City of San Jose Police & Fire Department Retirement Plan has outlined its private debt pacing plan for the 2023/2024 fiscal year, per a recent investment committee meeting document.

The plan’s private debt portfolio, which invests through a mixed variety of strategies including subordinated/mezzanine, senior and distressed, is currently over allocation at 4.4 percent against a 4 percent target. Additionally, the total private markets allocation of 20.5 percent is below the target of 25 percent.

In the recommended 2023/2024 pacing plan the annual private debt commitment amount will remain at $64m, with a possible increase to $70m in 2027/2028.

The chart below shows a breakdown of the plan’s 20.5 percent private market portfolio by asset class.

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