Richard H. Moore, North Carolina state treasurer, wants to increase the $59 billion North Carolina Employees Retirement System maximum equity allocation to 65% of assets, said Katherine Kirkman, spokeswoman for the treasurer. Under current law, the North Carolina pension fund can invest up to 50% of the book value of its assets in stocks, and up to $50 million in venture capital.
Legislation introduced by state Rep. Gordon P. Allen and state Sen. David W. Hoyle would hike the Raleigh-based systems allocation to alternatives and increase its equity exposure. The legislation, which is expected to go before the full Senate next week, also would permit the treasurer to invest up to 5% of the pension funds assets in hedge funds, venture capital and other alternative investments.
The pension fund currently has 55.58% of its assets in stocks, 42.39% in bonds, 1.85% in real estate and 0.18% in venture capital, said Katherine Kirkman, a spokeswoman for the treasurer.