SJCERA boosts allocation to private credit by up to three percentage points

The California country retirement system adopted a new target asset allocation following an asset liability study.

Institution: San Joaquin County Employees’ Retirement Association
Headquarters: Stockton, United States
Total AUM: $3.08bn
Allocation to Alternatives: 17.9%
Bitesize: $10-50m

San Joaquin County Employees’ Retirement Association (SJCERA) adopted a new strategic asset allocation policy following an asset liability study by investment consultant Meketa, according to a contact within the organization.

Under the “Stabilized Growth” strategy, target allocation to credit will increase by three percentage points, from 14 to 17 percent. According to board meeting documents, “timing will be subject to a detailed pacing plan” addressing “private credit components.”

The $3.08 billion country retirement system currently allocates 4.9 percent of its portfolio to private debt.

Illustrated in the charts below are SJCERA’s full investment portfolio, new target asset allocation and recent fund commitments.

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