Key Takeaways
- • San Joaquin County Employees' Retirement Association (SJCERA) plans to increase its private equity pacing to $150 million per year in 2032 and then to $200 million per year in 2035, according to investment staff as reported on the publisher's domain.
- • The pension is aiming to maintain its private equity allocation for a portfolio that remains very young, per the Buyouts headline.
- • The plan is cutting venture capital commitments, according to the headline of the primary source.
- • The SJCERA private equity portfolio carries a 10% target allocation, with buyout and venture capital exposure expected to reach target between 2027 and 2028.
Summary
San Joaquin County Employees' Retirement Association (SJCERA) has set its private equity pacing plan while reducing its venture capital commitments, according to Buyouts. The pension is aiming to maintain its private equity allocation for what remains a very young portfolio, and the publisher reports that investment staff plan to increase annual pacing to $150 million in 2032 and to $200 million in 2035.
The pacing revision comes against the backdrop of the fund's existing private equity program, which has a 10% target allocation. Publisher context indicates that buyout and venture capital exposures are expected to reach their target allocations between 2027 and 2028.
Earlier pacing guidance provides useful comparison. A prior San Joaquin CERA review recommended targeting $60 million to $110 million in private equity commitments annually, with $70 million committed across two funds so far in 2024 at that time. The pension also set a 2026 real estate pacing target of $130 million, reported by the publisher as roughly EUR112.1 million.
An earlier consultant review, attributed to Meketa, urged the county to stick with private equity despite weak performance, noting that distributions were starting to improve. The full text of the current Buyouts article is behind a registration wall, so the specific rationale for the venture capital reduction is not available in the source material reviewed here.
The pacing revision comes against the backdrop of the fund's existing private equity program, which has a 10% target allocation. Publisher context indicates that buyout and venture capital exposures are expected to reach their target allocations between 2027 and 2028.
Earlier pacing guidance provides useful comparison. A prior San Joaquin CERA review recommended targeting $60 million to $110 million in private equity commitments annually, with $70 million committed across two funds so far in 2024 at that time. The pension also set a 2026 real estate pacing target of $130 million, reported by the publisher as roughly EUR112.1 million.
An earlier consultant review, attributed to Meketa, urged the county to stick with private equity despite weak performance, noting that distributions were starting to improve. The full text of the current Buyouts article is behind a registration wall, so the specific rationale for the venture capital reduction is not available in the source material reviewed here.
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