Alameda County Employees' Retirement Association, Oakland, Calif., hired NEPC as general investment consultant, subject to successful contract negotiations and legal due diligence.
The $11.1 billion pension fund's board approved the hiring at its Sept. 21 meeting, a webcast of the meeting showed.
Also at the Sept. 21 meeting, the board approved Meketa as an alternate general investment consultant in the event an agreement with NEPC cannot be reached.
As of July 31, the actual allocation was 26.7% domestic equities, 25.1% international equities, 14.6% fixed income, 9.3% private equity, 7.9% absolute return, 7.1% real estate, 5.9% real assets, 2.6% private credit, 0.5% cash/other and the rest in overlay services.
The target allocation is 24% each domestic equities and international equities, 14% fixed income, 11% private equity, 9% real estate, 8% absolute return, 6% real assets and 4% private credit.