The Indiana Public Employees' Retirement Fund, Indianapolis, might eliminate its target for hedge funds or absolute return strategies, now at 5% of the plan's $520 million alternatives allocation. Strategic Investment Solutions, the fund's alternative consultant, recommended that the target be dropped while the board learns more about the asset classes before deciding whether to incorporate the investments into the alternatives allocation, said Patrick Lane, communications director. The fund currently has no hedge fund investments. Within the alternatives allocation, SIS also recommended that the fund raise debt-related private investments to 15% from 10%, venture capital to 20% from 17.5%, and opportunistic real estate to 10% from 5%; and cut buyouts to 40% from 42.5% and core real estate or REITs to a combined 5% from 10%. SIS also recommended reducing the international private equity target of 10% but didn't recommend a percentage. The fund's board hasn't set a timetable for reaching a decision, said Mr. Lane.