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San Diego City Employees to reduce private equity, infrastructure commitments

San Diego City Employees' Retirement System officials plan to reduce the plan's commitment pace to private equity and infrastructure to $75 million in fiscal year 2018, according to a board report by StepStone Group, the $8 billion pension fund's private equity and infrastructure consultant.

SDCERS had a pacing plan of $100 million and actually committed $91 million in fiscal year 2017 ended June 30, the report noted. The report for the pension fund's $602 million private equity and infrastructure portfolio indicated that commitment pacing will be slower over the next two years because the portfolio is above its 6.5% target allocation. Its actual allocation was 7.9% as of June 30.

Separately, pension fund officials could conduct its annual asset allocation review as early as March, according to a staff report to the board. General investment consultant Aon Hewitt Investment Consulting would assist.