Public Employees Retirement System of Mississippi, Jackson, will add allocations of 5% each to private equity and absolute return strategies for the first time, and also plans to expand its timber allocation, which is part of the current real estate allocation. Funding will come from U.S. equities, domestic fixed income and cash.
The changes are reflected in RFPs the $20.6 billion fund had issued for a general investment consultant and an alternative investments consultant. The search is now closed; the board plans to make both selections April 24.
The new asset allocation will be 43% domestic equities, 24% fixed income, 16% international equities, 7% real estate, and 5% each in private equity and absolute return. The existing allocations are 51% domestic equities, 22% each in international equities and domestic fixed income, 4% real estate and 1% cash.
Callan Associates is the current general investment consultant for the fund. Pat Robertson, PERS executive director, did not return calls seeking information on the selection process. Mary Schaefer, a spokeswoman with Callan, said the firm rebid.