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Fund reports: pension plan up year‑to‑date; private markets show positive PME performance amid slower exit environment
Summary
Investment staff reported fiscal‑year‑to‑date gains for the pension and healthcare trust; Neuberger Berman and staff presented private equity and private markets updates showing distributions and persistent slow exit activity, while total fund performance for 2024 remained strong overall.
San Jose — At the March meeting, retirement system staff and external managers presented performance updates for the pension and health care trust and private markets programs.
Key figures: The CIO reported that, through the most recent reporting date, the Federated pension plan was up 3.94% fiscal‑year‑to‑date and the health care trust was up 4.82% (staff presentation numbers). The total pension fund market value and quarterly returns were reviewed by staff; the fund’s one‑year and five‑year returns remain positive relative to many benchmarks, with private markets cited…
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