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FUNDRAISING NEWS | January 21, 2025
The Tulare County Employees' Retirement Association has made changes to its strategic asset allocation target structure in favor of real assets and private investments, while decreasing policy targets in fixed income.
The California county pension disclosed in its recently published November 20, 2024, board meeting minutes that it approved cutting its policy target in fixed income from 20% to 17%, with its core plus sub-asset allocation decreasing from 17% to 15%, as well as both hard and local emerging market debt decreasing from 1.5% to 1% each.
In real assets, Tulare County increased its allocation target in real estate debt from 3% to 5% while core real estate decreased from 3% to 1%, for an overall asset allocation target moving to 19% from 18%. Benchmarks for “non-public” investments were also increased from 17% to 19%, with private equity allocation decreased from 12% to 11% and private credit, or levered direct lending, increased from 5% to 8%. Meanwhile, the overall equity target remained unchanged at 45%.
The motion adopting the changes passed with six affirmative votes and two dissenting. The adjustments to the allocation targets were recommended by general consultant Verus based on its September 2024 asset-liability study of the pension’s investment portfolio.
Written By: Dakota
January 14, 2025
September 13, 2024
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