The Alameda County Employees’ Retirement Association (ACERA) is proposing significant changes to its private equity investment policy, which will be voted on in February. Key adjustments include increasing the buyouts target allocation from 60% to 70%, reducing venture capital from 20% to 15%, and renaming the special situations strategy to growth equity while also lowering its target allocation. ACERA plans to delegate continuation fund approvals to its staff, expediting decisions in response to general partners’ offers, which often have tight deadlines. Additionally, ACERA will remove sub-asset class benchmarks, focusing instead on overall private equity portfolio performance.
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