Santa Barbara (Calif.) County Employees' Retirement System adopted new long-term asset allocation goals, adding private equity and real return/real estate allocations of 5% each, said Oscar Peters, retirement administrator of the $1.6 billion fund. The board also reduced fixed income to 25% from 27%; domestic equity to 47% from 49%; international equity to 17% from 19%. Last year's real estate allocation was 4%, and cash remained at 1%. The board may decide to search for a specialized consultant to assist with searches in new asset classes. If so, a firm could be hired as early as midyear, Mr. Peters said. Further details haven't been finalized.
Separately, the board committed $40 million to the RREEF America II, an open-end REIT fund of funds. Funding will come from rebalancing.