The board of the $35 billion Pennsylvania State Employees’ Retirement System approved an updated policy target asset allocation with a reduced allocation to real estate.
The idea was to shift away from less-liquid assets by lowering the real estate target by 1% to total 7%. The newly approved target allocation also increases to allocation to public equity by 6% to a total 62% of assets. Meanwhile private credit has a 4% target and private equity stays the same at 12%.
Officials added that a high allocation to liquid assets with low correlation to public . . .
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