Fort Worth (Texas) Employees' Retirement Fund committed up to $20 million to M&G Real Estate Debt Fund II, a European debt fund managed by M&G Investments, confirmed Ruth Ryerson, executive director and chief investment officer.
It is the $1.95 billion pension plan's first commitment to M&G.
Separately, the board approved moving a $60 million Vanguard S&P 500 index investment to a fundamental index strategy. Ms. Ryerson said the new strategy will be benchmarked against the Russell 1000 index and a manager should be selected within the next month. She said the pension fund felt a fundamental index strategy was better for the plan at this time.