Two Term ABS Loan Facility (TALF) investments were approved at a Sacramento County Employees' Retirement System (SCERS) board meeting this week, said Jeff States, CIO with the $4 billion plan.
States said that $20 million each will be placed with Metropolitan West Asset Management and PIMCO. He noted that funding for the investments would come from cash as part of the plan's opportunistic allocation.
According to the SCERS' Web site, there is a 5% target allocation for opportunistic investments. Its remaining assets are divided up as 30% U.S. equity, 20% each in international equity and U.S. fixed-income, 15% real estate and 5% each in hedge funds and private equity,
The plan's consultants with Mercer assisted the board with the decision to invest in TALF.