Investments

Overview

Colorado PERA invests retirement and Health Care Trust Fund assets for the sole benefit of the Plan’s members. State law gives responsibility for the investment of PERA’s funds to the PERA Board of Trustees. The Board approves the Colorado PERA Statement of Investment Policy and determines the strategic asset allocation policy. PERA believes that the most effective and efficient long-term strategy is to invest in a broad array of asset classes.

Digital Financial Snapshot

PERA Investment Management Staff

  • Amy C. McGarrity, Chief Investment Officer
  • Rebecca Shelton, Investment Operating Officer
  • Tom Liddy, Director of Investment Operations
  • Jim Liptak, Director of Equities
  • C.H. Meili, Director of Real Estate
  • Tim Moore, Director of Private Equity
  • Gary Ratliff, Director of Alternatives
  • Tara Stacy, Director of Investment Stewardship
  • Keith Tayman, Director of Fixed Income

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%1 0% to 12%
Cash 0% 0% 0% to 3%
Total Fund 100% 100%  

1 Maximum allocation to Alternatives. The Policy Benchmark weight will be set yearly based on final 12/31 weights, rounded to the nearest 0.5%. Any uninvested allocation will be re-allocated to the Public Markets Benchmark. 

 

Preliminary and unaudited asset allocation as of September 30, 2021

Asset Allocation

 

Quarterly Performance

Preliminary and unaudited, as of September 30, 2021

  Total Return1,2
Portfolio Market Value (In Millions) % of Total Fund 3-Month Year-to-Date 1-Year 3-Year 5-Year 10-Year
Global Equity $36,749 58.8% -0.5% 11.6% 28.7% 14.9% 15.4% 13.6%
Fixed Income $12,168 19.5% 0.1% -1.5% -0.7% 5.7% 3.4% 3.6%
Private Equity3 $5,418 8.7% 10.0% 21.5% 48.6% 18.4% 17.8% 13.9%
Real Estate4 $4,890 7.8% 4.2% 5.7% 11.6% 8.6% 9.3% 11.2%
Alternatives5 $2,936 4.7% 0.1% 5.2% 11.4% 7.0% 7.0% 4.8%
Cash $312 0.5% 0.0% 0.0% 0.0% 1.2% 1.2% 0.7%
Total Fund $62,472 100% -0.2% 8.9% 20.2% 12.4% 12.0% 10.8%
1 3-,  5-, and 10-year returns are annualized.
2 Total returns are net of fees.
3 Private Equity performance is through June 30, 2021, and is based on reporting lags of 3 to 9 months.
4 Real Estate performance is through June 30, 2021.
5 Alternatives components may have reporting lags of up to 6 months.

 

Total Fund Regional Exposure

Preliminary and unaudited asset allocation as of September 30, 2021

regional exposure