The San Diego City Employees’ Retirement System (SDCERS) has approved a pacing plan for StepStone’s private equity and infrastructure investment program, according to a recent meeting document.
StepStone has been a private markets adviser for SDCERS since the inception of the private equity and infrastructure program in 2009. StepStone oversees 10.2 percent of the total fund, with 1.7 percent in Infrastructure investments.
In anticipation of this year’s review of the annual investment plan, SDCERS and StepStone discussed the over-allocation of the portfolio versus StepStone’s target, current market trends and areas of focus for new investments. After examining the various scenarios, SDCERS and StepStone proposed a reduction of 11 percent in pacing that calls for $75 million in new commitments for fiscal year 2023 compared to $84 million committed in fiscal year