Alaska Retirement Management Board, Juneau, increased its target allocations to private equity and real assets to 14% each for the three defined benefit plans it oversees.
The board approved the staff's recommendation to increase the targets to private equity to 14% from 12% and real assets to 14% from 13% at its June 18 meeting, board liaison officer Alysia D. Jones confirmed in an email.
The staff recommended upping the targets to provide additional real returns, board meeting materials show.
The target changes were funded by dropping the targets to domestic equities to 27% from 28%, fixed income to 21% from 22%, and international equities to 18% from 19%.
The target to opportunistic strategies remains unchanged at 6%. No managers will be terminated as a result of the target changes.
The changes affect the Public Employees' Retirement System's $20.7 billion pension plan, the Teachers' Retirement System's $10 billion pension plan and the $272 million Judicial Retirement System.
The board oversees a total of $41 billion in state defined benefit and defined contribution assets.
