The Contra Costa County (Calif.) Employees’ Retirement Association (CCCERA) has approved several new long-term asset allocation targets.
The new allocation calls for a reduction in the equity allocation, the elimination of risk parity and high yield, and the introduction of real estate debt and multi-asset credit. CCCERA said the private market allocations continue to be above their current allocations.
The new real estate debt allocation is expected to have a target allocation of 3 percent, but CCCERA said that after new managers have been identified and approved, it will ask the board to approve an updated investment resolution to reflect the new target allocations. Infrastructure, which had a 1.7 percent allocation, as of July 31, against a target of 2 percent, also will bump up to a newly adopted asset allocation of 3 percent.
In order to fully implement those long-term targets, several searches and projects will need to be launched over the upcoming year,
