MercedCERA to Review Allocation Amid PE Overweight; Valor Launches National Security Fund

MercedCERA to Review Asset Allocation

Valor Launches National Security Fund

MercedCERA is preparing to reassess its asset allocation as the roughly $1.5B pension weighs how much illiquidity it can support amid declining county contributions. Meketa, whose consulting contract trustees extended by one year, will lead a liquidity-needs analysis following the system's adoption of a new functional framework in August. The review comes with private equity running overweight at 17.8% of assets versus a 15% target; Cliffwater attributed recent strength to venture and growth-equity gains as software-focused buyout managers lagged.

Among other allocators, the Employees' Retirement System of the City of Milwaukee approved a pacing recommendation calling for no new private equity reinvestments in 2027, extending an approach it first took last year as it works toward its long-term target allocation. Elsewhere, South Korea's Government Employees Pension Service issued an RFP for up to $150M across three Asia Pacific real estate managers, split between two diversified strategies and one living-sector fund.

On the GP fundraising side, Valor Equity Partners filed a Form D for Valor National Security Fund I; Goldman Sachs Alternatives said its evergreen European private credit strategy, GSEC, has surpassed $10B in assets; and Hamilton Lane topped $430M for its GP-led secondaries fund.

In leadership developments, Greenland's SISA Pension named Mie Peters as CIO effective October 26, and Carlyle Group hired David Seeberan and Victoria Matthews to lead a newly created family office business. Separately, AllianceBernstein named Onur Erzan president and CEO effective April 2027, succeeding Seth Bernstein, who will remain on the board.