The switch alarmed State Treasurer Joseph Torsella, who responded Friday with a statement condemning SERS' recent investment focus: "I am deeply troubled by SERS' new asset allocation strategy that will result in an extraordinary 38 percent of total fund assets in illiquid, high-risk, and exorbitantly high-fee 'alternative' investments," he said. "This would be a significant increase from the already high level of 30 percent currently, and would be higher than 85 percent of US pension funds. For a system that has made significant progress recently, this decision will be a real step back."