Friday, 28 October 2016
Last updated 48 min ago
Jan 17 2007 | 9:58am ET
The Indiana Public Employees' Retirement Fund grew a little bigger last year thanks to a 13.7% return on investments. The fund, which began the year with $14.1 billion in assets under management, ended with $16.1 billion, taking in some $1.4 billion in the final six months of 2006.
PERF executive director David Adams attributed the 13.7% return to positive investment performance through the calendar year. "While the markets have done well, our investments have consistently outperformed both the market and our targeted rate of return," said Adams.
In August, PERF's board of trustees increased the fund's alternatives allocation to 15% in an effort to manage risk and further diversify its assets into areas beyond stocks and bonds. The fund delivered estimated annualized returns of 21% in its alternative asset class, which includes investments such as private equity, real estate, timber, oil and natural gas, for the fiscal year ending June 30, 2006.