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Retirement board approves $375 million private‑markets pacing plan
Summary
The San Jose Police and Fire Retirement Board approved an annual private‑markets pacing plan that calls for $375 million in commitments and outlines a theoretical 150% pacing cap that would allow up to $563 million in a single fiscal year.
The San Jose Police and Fire Retirement Board on May 1 approved an annual private‑markets pacing plan that sets the board’s target commitments for the coming fiscal year at $375,000,000.
Dinesh, a presenter for the board’s investment staff, told trustees the pacing plan models 10‑year projections for five private‑market sub‑asset classes and was unanimously approved by the Investment Committee the prior month. Dinesh said the plan is a guideline to reach the board‑approved strategic asset allocation and noted private markets are illiquid, meaning fund managers control capital calls and distributions.
The board’s chief investment presenter said fiscal‑year‑to‑date performance through two days prior to the meeting showed the pension…
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