San Jose Police & Fire Retirement Plan approves private real assets pacing plan

The San Jose (Calif.) Police & Fire Retirement Plan is planning to commit $35 million to private real estate, $34 million to private real assets, and $60 million to private debt for the next fiscal year.

The board is targeting a 3 percent allocation to real estate, 3 percent to private real assets, and 4 percent to private debt.

The allocations were approved via a private real assets pacing plan that the board considered on June 6.

Two-to-four commitments will be made to private real estate over the next fiscal year, through a combination of re-ups and new managers. The pension fund is targeting United States–focused opportunistic real estate strategies.

The fund will also make three-to-five commitments to private real assets, primarily to metals, mining and energy opportunities, rather than infrastructure.

In addition, two-to-four commitments will be made to private debt, with an initial focus on stressed or distressed strategies also based