San Antonio Fire & Police collars Lazard Asset Management for emerging markets equity

San Antonio Fire & Police Pension Fund hired Lazard Asset Management to run $45 million in emerging markets small-cap equity, according to recently released minutes of the Sept. 25 board meeting.

Mondrian Investment Partners, GMO and William Blair & Co. were also finalists.

Investment consultant NEPC conducted the shortlist search. Funding comes from rebalancing and cash.

Separately, the $2.4 billion pension fund committed $15 million to Exeter Industrial Value Fund III, a value-added real estate fund managed by Exeter Property Group.

Also, the pension fund named Hayfin Capital Management and Kayne Anderson Capital Advisors as finalists for a private debt manager to run about $15 million.

The board also approved a search for a real assets manager. No further information was provided.

Matthew O'Reilly, chief investment officer, did not return a telephone call for additional information by press time.