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Retirement board reviews private-market gains and approves modest asset-allocation tweak
Summary
The San Jose Police and Fire Retirement Board heard private markets and total-fund performance updates from managers and consultants, then voted to adopt a modest change to public-equity geographic weights that staff said aligns total public+private exposure with a global benchmark.
The San Jose Police and Fire Retirement Board received a quarterly investment briefing and approved a narrow adjustment to the system's strategic asset allocation on a vote at its meeting.
The board heard performance updates from Neuberger Berman, Makeda Investment Group and staff covering private equity, private debt, real assets, real estate and venture capital. Hassan Soleja, vice president at Neuberger Berman, presented results for the partnership with the plan and said the legacy 2017 series had produced a net IRR of about 18 percent and a 1.8x TVPI through Sept. 30, while a newer series closed in July 2023 remained early in its life and had not yet produced meaningful distributions.
The presentation from Makeda (presented by Laura Wyrick and Colin…
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