Mendocino County Employees might add private equity after asset-liability study

Mendocino County Employees Retirement Association, Ukiah, Calif., is conducting an asset-liability study and might consider adding a new asset class for private equity.

The $579 million pension fund is doing so to follow its policy of conducting asset-liability studies every few years, said Doris Rentschler, executive director.

The current target allocation is 37% domestic equities, 25% international equities, 21% fixed income, 11% domestic real estate and 6% infrastructure.

Investment consultant Callan is conducting the study and will present asset allocation models in January. Ms. Rentschler said a decision on a new asset allocation will likely occur in March or April.

She added that Callan will likely include private equity as a possible new asset class in one of the models it presents in January.

As of Sept. 30, the pension fund’s actual allocation was 35.5% domestic equities, 21.9% international equities, 20.3% domestic fixed income, 16% domestic real estate, 6.2% infrastructure and 0.1% cash.

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