Asset Allocation
Asset Allocation
The PERA Board determines the strategic asset allocation policy for the fund. The PERA Board’s policy specifies the desired target allocation for each asset class as well as the ranges within which each asset class may operate. The PERA Board commissioned an asset/liability study during 2019, which resulted in the approval of the following 2021 Policy Benchmark weights and long-term asset allocation and ranges, effective January 1, 2021:
Asset Class | 2021 Policy Benchmark Weight | Long-Term Target Allocation | Permissible Range |
---|---|---|---|
Global Equity | 55.5% | 54% | 49.5% to 61.5% |
Fixed Income | 23.5% | 23% | 18.5% to 28.5% |
Private Equity | 8.5% | 8.5% | 4% to 13% |
Real Estate | 8.5% | 8.5% | 4% to 13% |
Alternatives | 4.0% | 6% | 0% to 12% |
Cash | 0% | 0% | 0% to 3% |
Total Fund | 100% | 100% |

Quarterly Performance
Preliminary and unaudited, as of September 30, 2021
Market Value
Portfolio | Market Value (in Millions) | % of Total Fund | 3-Month | Year-to-Date |
---|---|---|---|---|
Global Equity | $36,749 | 58.0% | -0.5% | 11.6% |
Fixed Income | $12,168 | 19.2% | 0.1% | -1.5% |
Private Equity* | $5,946 | 9.4% | 7.3% | 33.7% |
Real Estate** | $5,189 | 8.2% | 5.9% | 11.7% |
Alternatives*** | $2,964 | 4.7% | 0.1% | 6.2% |
Cash | $312 | 0.5% | 0.0% | 0.0% |
Total Fund | $63,328 | 100% | 0.9% | 10.4% |
* Private Equity performance is through September 30, 2021, and is based on reporting lags of 3-9 months.
** Real Estate performance is through September 30, 2021.
*** Alternatives components may have reporting lags of up to 6 months.
Total Return
(3-, 5-, and 10-year returns are annualized. Total returns are net of fees)
Portfolio | 1-Year | 3-Year | 5-Year | 10-Year |
---|---|---|---|---|
Global Equity | 28.7% | 14.9% | 15.4% | 13.6% |
Fixed Income | -0.7% | 5.7% | 3.4% | 3.6% |
Private Equity* | 46.5% | 21.2% | 18.9% | 14.6% |
Real Estate** | 16.9% | 9.6% | 10.0% | 11.5% |
Alternatives*** | 12.5% | 7.3% | 7.2% | 4.9% |
Cash | 0.0% | 1.2% | 1.2% | 0.7% |
Total Fund | 21.8% | 12.9% | 12.3% | 10.9% |
* Private Equity performance is through September 30, 2021, and is based on reporting lags of 3-9 months.
** Real Estate performance is through September 30, 2021.
*** Alternatives components may have reporting lags of up to 6 months.