NY Teachers system reduces equity target

New York State Teachers' Retirement System, Albany, decreased its target domestic equity allocation by five percentage points to 51%, said plan spokeswoman John Cardillo. The $84 billion fund also increased its private equity target to 5% from 2%, and upped its international equity target to 10% from 8%, said Mr. Cardillo. The adjustments were based on a recommendation by consultant Callan Associates. The fund has been seeking to fill its allocation to private equity for the past year and will continue to do so, but otherwise, no searches for new managers will result from the adjustments, said Mr. Cardillo.