Investments: SBA has been riding the bull market. Over the last five years, the fund has had around 60% of its assets in stocks. That's compared to an average allocation of other top pension funds of under 52% in stocks.
At the same time, SBA has pared back its bond portfolio and doubled its alternative investments since 2009. SBA currently has $3 billion dedicated to hedge funds, up from zero in 2009. And it has 8% of its assets in private equity, also more than double what it had five years ago.
One beneficiary of this trend is the private equity giant the Carlyle Group (CG), in which SBA has roughly $300 million invested in a variety of the firm's funds.
