The San Mateo County (Calif.) Employees’ Retirement Association (SamCERA) has approved a new asset allocation policy portfolio after reviewing a report presented by Verus.
The new policy will see a 1 percent increase to private real assets, funded by a 1 percent reduction to real estate, according to the report. The real assets portfolio currently has a 7 percent allocation, but would bump up to 8 percent, while real estate would shift down from 10 percent to 9 percent. The private real assets portfolio includes investments in infrastructure and natural resources.
The proposed changes follow on the heels of a full asset-liability analysis in 2019, which resulted in several changes to SamCERA’s policy portfolio. SamCERA undertakes an asset-liability study every three years as part of its investment policy.
SamCERA noted that in years in whi