Thursday, April 23, 2015
Monthly Investment Portfolio Report update
The Investment Committee approved the 2015 target asset allocation for OCERS' $12.6 billion portfolio. The Committee approved "Mix A," which includes the elimination of global fixed income (from 2 percent to 0 percent), a lowering of the real return allocation (from 10 percent to 8 percent), with a corresponding increase to diversified credit (from 10 percent to 14 percent).
The Committee approved the candidate profile for a non-core multifamily real estate fund.
The Committee approved the CIO's recommended capital allocations to Diversified Credit Managers. The following allocations were adopted at the meeting: $20 million (for a total of $70 million) to Monroe Capital; $50 million (for a total of $100 million) to Park Square; $50 million (for a total of $125 million) to Tennenbaum Energy Credit Opportunities Fund; and $100 million to Blue Bay direct lending.
As part of the previously-noted action, the Committee referred a proposed BlackRock BAA dislocation credit strategy to NEPC for further review and due diligence.
The next regular Board of Retirement meeting will be held at 9 a.m. on Monday, May 11, 2015; the next Investment Committee meeting will be held at 9 a.m. on Wednesday, May 27, 2015. Both meetings will be held in the Board Room at OCERS, 2223 E. Wellington Avenue, Suite 100, Santa Ana, CA.