Austin City ERS Eyes Policy Target Reallocation for Private Equity

The City of Austin Employees’ Retirement System (ERS) is looking to shift 8% of its allocation from public equity to a new private equity policy under its growth/equity umbrella.

Per recently published materials from its November 22, 2024, investment committee meeting, general consultant Meketa recommended the reallocation, which would decrease the pension’s public equity target from 53% to 45%, to incorporate private equity into the growth/equity mix for an overall target of 53%. Meketa said the option will “set in motion a program to invest in private equity in a gradual approach,” and is expected to produce 8.5% in returns while reducing the pension’s exposure to global equity, “dampening realized volatility.”

Other allocations will remain unchanged in the potential reallocation, with private credit maintaining a 10% policy weight, cash at 1%, investment grade bonds at 21%, and real assets at 15%. As of the latest Dakota data, Austin City ERS manages approximately $3B in aggregate pension assets.

Written By: Dakota

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