Fairfax County Educational Employees' Supplementary Retirement System, Springfield, Va., created new long-term target allocations of 4% each to infrastructure and Treasury inflation-protected securities.
The $2.7 billion pension fund's board also approved reductions to the long-term targets to fixed income and global tactical asset allocation to 20% and 5%, respectively, from a respective 24% and 9% at its Sept. 17 meeting, recently released meeting minutes show.
The board previously approved allocations to infrastructure and TIPS but had not specified target allocations yet, according to meeting materials.
The pension fund's other long-term targets, which remain unchanged, are 14% domestic large-cap equities; 10% domestic small-cap equities; 9% private real estate; 7% private equity; 5% each emerging markets equities, global equities, hedge funds and international equities; 4% private credit; and 3% emerging markets debt.
As of June 30, the actual allocation was 24.6% fixed income; 15.6% domestic large-cap equities; 13.5% GTAA; 9.3% international equities; 7% domestic small-cap equities; 6.9% private real estate; 5.4% emerging markets equities; 5% private equity; 3.9% global equities; 3.4% emerging markets debt; 2.9% hedge funds; 2.3% cash; and 0.2% private credit.
Investment consultant Segal Marco Advisors assisted.
Eliazer Martinez, executive director and chief investment officer, could not be immediately reached for further information.