The San Joaquin County Employees Retirement Association (SJCERA) is considering shifting towards fixed income investments due to disappointing returns in private markets, which underperformed significantly last year. A presentation by consultant Meketa highlighted that SJCERA’s 8.1% return fell short of its benchmark and a typical 75/25 stocks/bonds portfolio. Private equity and venture capital, which are key allocations, yielded only 2.7%. Despite the poor performance, Meketa’s David Sancewich advised against hasty decisions, emphasizing the importance of long-term strategy. SJCERA plans to evaluate pacing and consider eliminating underperforming managers while exploring fixed income opportunities amid a challenging market.