San Diego pension appoints infra consultants

The $5.2bn San Diego City Employees’ Retirement System, which has a 3% infrastructure target, has appointed StepStone and Credit Suisse as discretionary advisors.

The San Diego City Employees’ Retirement System (SDCERS) has appointed Credit Suisse and StepStone Group as advisors for infrastructure to help the $5.2 billion pension implement its infrastructure allocation, targeted at 3 percent.

At a meeting last week, SDCERS chose to retain Credit Suisse and StepStone, which both act as private equity advisors to the pension fund, as discretionary advisors for infrastructure, according to SDCERS spokesperson Robyn Bullard.

Last year, SDCERS hired Chicago-based consulting firm Ennis, Knupp & Associates – now known as Hewitt EnnisKnupp – to review the pension fund’s portfolio, and EnnisKnupp eventually recommended that the pension create a new asset allocation that included a 3 percent target for infrastructure investments. The allocation was approved last September.

In an interview with Infrastructure Investor earlier this year, SDCERS chief investment officer Liza Crisafi said the new allocation translates to about $150 million available for infrastructure investments, but said the pension had no specific timetable for implementing the allocation.

SDCERS also has an allocation of 5 percent to private equity and an allocation of 11 percent to real estate.