Target is an Minneapolis, Minnesota-based retailing company with close to 2,000 stores world wide. The pension plan has about $2.5 billion in assets with about 21% invested in alternative assets. The target to alternative investments is 14%, and the firm has gradually been reducing its exposure to this asset classes over the past few years. The firm's alternative investments include about $330 in private equity funds and $130 million in "other" which the firm classifies as multi-strategy funds of hedge funds and real estate (just 3% in real estate).