Pennsylvania State Employees' Retirement System, Harrisburg, increased its 10-year target allocations to alternative investments, global public equities and real assets in its new strategic investment plan, according to a news release provided by spokeswoman Pamela Hile.
The $27 billion pension fund increased its 10-year target to alternatives to 15% from 14%; global public equities to 40% from 38%; and real assets to 17% from 14%.
The pension fund also dropped its 10-year target to fixed income to 15% from 19% and its diversifying assets target to 10% from 12%. The liquidity reserves target of 3% remains unchanged.
“Given the long-term time horizon and the overall consistency with SERS' ongoing strategic investment goals, these refinements do not signal a new direction or indicate any significant or impending movement of assets,” said board Chairman Glenn E. Becker in the news release. “We will continue our incremental, disciplined and deliberate approach to reaching our targets.”
Investment consultant R.V. Kuhns & Associates assisted.