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Tampa General Employees adds 5% private equity sleeve, ups real estate target

Tampa (Fla.) General Employees’ Retirement Fund created a new target allocation to private equity and increased two separate real estate targets as part of an overhaul of the pension fund’s asset allocation, said Natasha Wiederholt, pension plan supervisor.

The $681 million pension fund created a new 5% target to private equity and increased the target to core real estate to 10% from 7% and the value-added/opportunistic real estate target to 5% from 3%.

The pension fund decreased its target to fixed income and cash to 25% from 30%, and the target to international developed equities to 15% from 20%.

Targets that remain unchanged are: 25% domestic large-cap equities, 10% domestic small-cap equities and 5% emerging markets equities.

Ms. Wiederholt said the pension fund has not come up with an implementation timeline because officials are in the process of getting legal opinions on the types of private investments allowable under state and municipal laws.

As of Feb. 28, the actual allocation was 27.6% fixed income, 26.6% domestic large-cap equities, 20.1% international developed equities, 11.7% domestic small-cap equities, 6% core real estate, 5% emerging markets equities, 2.9% global real estate investment trusts, and 0.1%.

Investment consultant Asset Consulting Group assisted.