Negative Cash Flow Pushes Sacramento County Deeper Into Private Credit

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Negative Cash Flow Pushes Sacramento County Deeper Into Private Credit

institutionalinvestor

3 months ago

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When retirees in the Sacramento County Employees’ Retirement System began to outnumber its active members about a decade ago, it tipped the plan into negative cashflow territory—right around the time Steve Davis was promoted to CIO from deputy. To ensure the pension would have enough liquidity to always pay its benefits, Davis increased the plan’s allocation to cash-flowing assets like infrastructure and private credit.

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