The Sonoma County (Calif.) Employees' Retirement Association (SCERA) has increased its exposure to both infrastructure and farmland, according to minutes from the pension fund’s May 27 meeting.
IREI understands the targets for the asset classes were bumped up by 3 percentage points — from 5 percent to 8 percent each. The total 6 percent policy allocation to real assets will be sourced with 4 percent from core fixed income and 2 percent from equities to keep the risk profile of the total plan broadly unchanged, according to SCERA.
Chris Behrns, a senior consultant at Aon Hewitt who led the discussion about the new allocation, noted infrastructure has been popular with many of Sonoma’s peers.
Commenting on rebalancing efforts, staff noted that weighting in farmland was light relative to the policy target and there was an opportunity to top up the allo
