San Diego County Employees Retirement Association increased its commitment to Public Pension Capital by $50 million to $100 million total, according to a report to the board of the $12.4 billion pension plan on investments made by staff on delegation of authority.
SDCERA had committed the initial $50 million to the middle-market private equity evergreen fund managed by Public Pension Capital in 2016. It was the pension fund's first investment with Public Pension Capital, a private equity firm formed by two former KKR & Co. executives.
Separately, the pension fund board changed its asset allocation for fiscal year 2019, which started July 1, in which it increased the U.S. equity target allocation to 20% from 18% and decreased emerging markets equities to 7% from 9%.
General investment consultant Aon Hewitt Investment Consulting and staff recommended the change for SDCERA to take advantage of the gains made in emerging markets equities' performance, said Michael Comstock, associate partner at Aon Hewitt, at the board's June 22 meeting.
