Ventura County (Calif.) Employees' Retirement Association increased its target allocations to private equity, private debt and U.S. Treasuries to 15%, 5% and 3%, respectively.
The $5.8 billion pension fund's board approved the increases from respective targets of 13%, 3% and 2% at its board meeting Monday, said Dan Gallagher, chief investment officer, in an email.
The changes were based on recommendations by Mr. Gallagher and investment consultant NEPC based on new assumptions and capital markets outlooks, according to a meeting packet of the board meeting.
Target allocations to be reduced are: Domestic large-cap equities to 22% from 23%; international equities to 10% from 11%; real assets to 6% from 7%; absolute return fixed income to 6% from 7%; and core fixed income to 5% from 7%.
Targets that will remain unchanged are: 10% global equities; 8% real estate; and 3% each, domestic small/midcap equities, emerging markets equities and international small-cap equities.
As of May 31, the actual allocation was: 28.3% domestic equities; 15.8% domestic fixed income; 14.6% international equities; 10.6% global equities; 9.3% private equity; 7.8% real estate; 7.5% real assets; 2.3% private debt; 2.2% overlay; and 1.6% U.S. Treasuries.
