The $23.4 billion Employees’ Retirement System of Texas (ERS) decided to make initial forays in two asset classes at a Dec. 13 board meeting, according to Investment Management Weekly, a sister publication of Merger Mogul. Mary Jane Wardlow, spokeswoman for the plan, said that the board voted to start preparing for private equity and real estate allocations. The total allocation for the two asset classes is 15%. It is expected that it will take between three and five years to get the real estate allocation in place and as long as seven years for the private equity. Callan Associates, the plan’s consultant, is assisting with the new allocations.
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