San Joaquin CERA Reviews 2024 Pacing, Sees Hitting PE Target Allocation by 2026-27

The San Joaquin County Employees Retirement Association (SJCERA) board reviewed its 2024 private equity and private debt commitment pacing plans at its October 9 board meeting.

The committee recommended targeting $60M to $110M in private equity commitments annually. So far in 2024, $70M has been committed across two funds. The plan allows for adjustments based on market conditions, investment opportunities, and portfolio requirements, with pacing targets to be reviewed and updated each year to ensure alignment with strategic goals. Modeling by consultant Meketa sees SJCERA meeting its target allocation to private equity of approximately 9.8% in the 2026-2027 timeframe.

For private debt, the committee recommended an annual commitment target of $130M to $190M. The portfolio’s target allocation for private debt is 10%, with the current allocation slightly below at 9.9%. It last made commitments to the asset class in 2023, investing $62.5M in Ares Pathfinder Fund II and $62M in Silver Point Specialty Credit Fund III.

Per Dakota data, SJCERA oversees approximately $4.5B in assets.

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