Denver Employees plans search for emerging markets debt
By Kevin Olsen | March 18, 2013 2:13 pm
Denver Employees Retirement Plan will search for the fund's first emerging markets debt manager in the second quarter, said Steven Hutt, executive director.
Investment consultant Summit Strategies will conduct the search; interested managers can contact Summit.
The search follows a new asset allocation recommended by Summit. The plan added a 2.5% first-time allocation to emerging markets debt and decreased the core fixed-income allocation by the same amount, to 9.5% of total assets.
Other changes to the asset allocation include increasing private energy to 4% from 2% within the alternatives asset class, which subsequently increased to 18% from 16%. Mr. Hutt said a search has not been planned so far and the pension plan could just increase its allocation to existing manager EIG Global Energy Partners.
Funding comes from reducing the target allocation to U.S. large-cap equity to about 21% from 22% and U.S. small-cap equity to about 4% from 5%.
Separately, the board approved a $30 million commitment to Adams Street 2013 Global Fund, a private equity fund managed by Adams Street Partners.
It is the $1.9 billion pension plan's 15th commitment to Adams Street.